All Forum Posts by: Andrew P.

Yeah not going to deny that, it will certainly be a chore.

Yeah, the regular lot comps are just me trying to get some frame of reference.  I'm sure the lot knocks $25-30k or so off the comps.  The good thing is that we only get maybe one snow a year here in the metro Atlanta area.  For those cases I would advise them to use the street parking and walk up the steps and pathway built into the yard.  It's definitely going to be a challenge but the main pro for my purposes is that it is 13 minutes from my house and would be my first rental.  

I'll spend about $25k building out the basement and other property maintenance but using 5% Vac 10% Repairs 6% capex and maintaining it myself I'm looking at $524/month cashflow and 11.44% COC ROI.

I'd be happy to hold it 10 years at that and either pay it off or sell it for what I paid for it.

@Matthew Paul Yeah, I was hoping to dig that area out and have room for two cars there.

@Jay Hinrichs  I'm definitely looking at it as a buy and hold long term.  It was on the market for 14 months last time it was listed from March 2015 to May 2016 and sold for $100k.  They listed for $160k dropped to $155k.  I have it under contract at $142k but I'm going to go back and ask for another $10k or so I think.  The numbers work at $142k with $950 per unit which is under market for the area but again the lot may kill it.  Comps in the neighborhood for 3/2 no basement with normal lots are around $160k-180k

@Michael Noto Yes I definitely wouldn't have them park on the slope.  I can make two separate areas for two cars up top and there is space for 2-3 cars on the street for visitors.  The only downside would be there is no turnaround so they will have to back down the hill.  I am even trying to negotiate an easement with the neighboring rental owner so we can use his driveway and extend it over into this one.

Pending the septic inspection today I am going to ask them for some concessions in price that should cover the repaving.  Overall the house is in decent shape.  The lot sucks though...

Yeah, it is deceptively steep.  I think I have enough room to create additional parking up top.  Was just wondering if anyone in this situation before noticed a problem with getting tenants due to the slope.  Thanks!

I'm under contract on a local house that I plan to turn into a legal duplex.  It's 3/2 up and possibly 2/2 or 3/2 down.  Deals are hard to come by in my market and this is at a good price and a good cash flow.  The problem is the crazy steep driveway.  It's probably a 20-25% grade in areas.  This is not very common in my area either.  I'm concerned even at decent rents ($900/month per unit when comps are 1000-1150) that I am going to have a hard time finding tenants who want to live on Mount Crumpit as my wife calls it.  Anyone have any experience or advice in this area?

I don't know that this really makes sense for them?  They are giving up $225k in equity for use of a $100k asset?  It sounds like a decent deal for you though if you could deal with moving them out of the house into a $100k house in the backyard.  As long as you don't think that would blow up the family dynamic then you should be fine I would think.

Thanks for writing this up, did your $680k include holding costs?  How long has it been on the market?

There are people way smarter than me and you combined that still don't have a clue what's going to happen next.  Watch the trends, research, but I wouldn't put a ton of effort into timing the next downturn.  

What would you expect on a Triplex?