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I could go on and on about this. I live two hours from the property, but as a truck driver, I'm in the area often. Here's everything I know:
property purchased by investor in April 2019 for $34,000. Laminate flooring was put down poorly, but I expect it will survive the first tenant. It, as most homes in Harrisburg, PA, is very old. Built in the early 1900s the foundation appears sound. Hot water heater and electric panel are fairly new and in good condition. Many of these homes are SF that have been converted to 2 family over the years allowing for pretty weird floor plans. Location would be accurately classified as a D location. Property is within 1.5 miles of state Capitol building, Hospitals and University. 2br 1st floor, 3br second floor. RE agent estimates rent roll of $1900/mo. I anticipate $1700. low levels of dampness in basement. May be mitigated by a dehumidifier. I will need to purchase stoves and refrigerators. Sending a contractor to inspect roof, hhw, electric heaters and foundation. Property management will be 6%.
This will be my first investment purchase. Offer is $85K. I already have quote for insurance (approx. $900). Taxes are $2,200, though an abatement was successful dropping taxes to $400 in effect until next year. I'm not cash rich, actually, not rich at all. I'm starting with a total of $12k and I anticipate this property will require a total investment of about $7500 ($5000 down payment and $2500 closing costs).
Did I miss anything?????
