Maybe First Deal

[David Griffey]

This deal is really small compared to others I have read. Anyway, the lady has been renting a 746 sq ft home that used to be her mom's. She wants $38000 I am not sure of the age yet but it is old. The yard is a half acre and the houses all around it, some good some bad. The taxes on the internet show it at $55000, but I would have changed that a long time ago if I had owned it. It is a one bedroom, one bath. The original owner knocked down a wall to make a dining room out of bedroom #2. The basement which I have not seen leaks and all of the windows looks like they have rot. I have not seen the inside only through the windows because she could not meet me at the property yet. She says she is motivated to sell, but does not seem to be in a hurry. I am going to tell her that I will need to look in the inside, but we are probably looking at $17000 instead of $38000. The houses around probably are about $50,000 but I am trying to get a real estate agent to let me know what the comps are. I will probably just turn around and sell it as a handy man special or a rent to own. I ran the numbers and this seems to be a fair price, but I think she may walk. It is hard to tell with this one. What do you all think?