All Forum Posts by: Seshu Yaramala

Thanks Roy for informative response.

#1. I agree with this completely, simply numbers are below average. The only reason I am even considering is because of the fact that I am renting in the same location for $1600/month and unfortunately there aren't many other options in this area. There are few less expensive houses (around 300k) but they are in far worse condition, I am afraid to touch them.

#2. The current zone of the property is RS-4, I am not sure about the maximum lot coverage restrictions, but i will followup with my agent. 

#3. The house has two separate furnaces for 1st and 2nd floor units and 3rd floor unit has gas heating. So I hope it is not common forced air, but i will confirm this as well and get the cost estimates to replace them.  

Thanks again for your response and time.

Seshu.

The house I am looking to buy is in Stratford,CT. The details are below, I would greatly appreciate any inputs from BP members whether to go for it or not.

• House is built is 1915, but many mechanicals are updated recently. 
• It has two 2 bed/1bath units on first and second floors and one 1 bed 1 bath on third floor.  Total rent per month estimate 3000(1200 +1200 + 600)
• Asking price is $ 390000.00. 
• The house is in 0.7 acre lot, so there is plenty of space available for another possible house in future.
• As per the seller it is in move in  condition, but when I visited I think it needs kitchen updates in 2 units, replacement oil furnace with gas one. Not sure how much these updates would cost. I liked the overall condition of the house, location is good short walk to train.
• This is my first house, so I will move into one unit and rent out other two, I have an approved mortgage @ 4.2 interest rate with 10 % down payment.
• The property taxes are around 7500 and insurance could be 1500 annually.

I am looking forward for suggestions on this house and other investor experiences with old houses in general. Please let me know if any other details are needed. 

Thanks,

Seshu.