notes/info:
- updated property
- central heat, covered porch, pretty deck!
- hot water tank replaced 2021, furnace circa 2019
- some decent space between neighbor on 1 side of the property
- roof is good
- rented now for $900 M2M to a nice tenant
- taxes are tiny ($819 assessed at 18.1k)
- it was built as a 6BR, might be used as a 4BR at the moment? so it’s somewhere between a 4- & 6-bedroom
- photos show flooring is kinda beat, property is Good-to-Go otherwise!
- comps up to $150k
- if you bought it today untouched for $63k as it sits in its current situation, you would be roughly at a 12% cap; update flooring & tighten up some paint & non-mechanical stuff for ~$13k to gather market rent
- *if you can get it to a true 6BR, Sxn. 8 is up to $2,126 for per month for it being a “Tier 7”; cap rate more like 20% at that pt.
*if you mess with HACP standards, there is bank to be made on the bigger props it seems, especially if you make accommodations:
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- https://hacp.org/app/uploads/2023/01/RA-Payment-Standards-effective-1.1.23-corrected-1.6.23-1.pdf
- https://hacp.org/app/uploads/2022/12/Tiered-Payment-Standards-effective-1.1.23.pdf
- FYI, only 6 tiers are listed in those links, if you’re into this style hopefully you’ll know how it translates in Tier 7
- Taxes: $819
- Electric: Updated
- Plumbing: Updated
- Kitchen: Updated
- Bath: Updated
- Roof: Good
- Could be 4-6 bedrooms
- Furnace: 4 yrs old
- Hot Water Tank: 2 yrs old
- Windows: Double-paned; older
- Floors: 2+
- Parking: On-street
- Rental Income: $900/month-to-month