tquinn1021
PARKED
- Joined
- Aug 4, 2009
- Messages
- 8
Rep Bank
$25
$25
I recently came across an interesting property that is one block down from a SFH rental property I have. It is a bank owned building that was last used as a licensed rooming house. The property consists of 12 rooms and two shared baths plus a 1 bedroom apartment with one full bath and a detached garage. Does aynone have any experience with a boarding/rooming house as an investment? If it is as simple as renting out 12 or 13 1 BR apts, there could be good potential. The last time I searched for a tenant for my current property, I had a very good response, so I think the rental market is fairly strong. Its a lower-income area. But I'm not sure if the classicification of "rooming house" carries some other restrictions or requirements. Also, the building is in need of big repairs. Per the Listing Agent:
"The property needs at minimum new kitchen, bathrooms, windows, drywall flooring and paint. Maybe a new boiler and the electrical service seem to be on the small size for such a large building. I know the side porch needs to be reconstructed as well. Other than that it’s a gem!"
Current asking price is $45,000. Previsouly was sold for $255K in 1/2007 and then went into foreclosure late 2010 and bought back by the bank early 2011. This seems like it has potential, but seeing as my only experience is one single-family rental home, I'm having trouble reconciling my lack of experience with my desire to aim big and finally take some serious action that others may be afraid to. As I write this, I realize I need to write my intro as well. As a long-time lurker, I should know better!
"The property needs at minimum new kitchen, bathrooms, windows, drywall flooring and paint. Maybe a new boiler and the electrical service seem to be on the small size for such a large building. I know the side porch needs to be reconstructed as well. Other than that it’s a gem!"
Current asking price is $45,000. Previsouly was sold for $255K in 1/2007 and then went into foreclosure late 2010 and bought back by the bank early 2011. This seems like it has potential, but seeing as my only experience is one single-family rental home, I'm having trouble reconciling my lack of experience with my desire to aim big and finally take some serious action that others may be afraid to. As I write this, I realize I need to write my intro as well. As a long-time lurker, I should know better!
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