A little update on the $74k house...
I spoke to the owner today and this particular house has been in the family since 1900. I must say it looks really nice from the outside. Their mother began renting it out in 1957 and it has only had 9 tenants since 1957.
Most of the major mechanicals/expensive items have been updated such as:
New Roof 7 years ago
New Hot Water tank
New Plumbing this year
Foundation Repairs last year
New Air Conditioner Condensing Unit today
I also asked him his bottom line and I think that I will be able to get him down to $65k.
Does this change anyone's answer?
@James Wise and @Jared Rogers I agree with you guys 100% about paying 74k to get $650 but do you think the fact this place has a quote "awesome" tenant that pays on time would change your answer? Also, I learned the tenants mother lives next door so I really don't think she will be moving anytime soon. And, the current owner already has established handy men and other contractors. Do you think that is worth something for a newbie or am I placing too much value on that stuff? Ugh! this first buy is SO STRESSFUL!
@Amanda Sutherlin Thank you for your input as well. I take everyone's input into account and since this could be my first deal I don't want to mess it up! I will definitely try to talk him down to 65k!
Here is a pic...