A Typical Junker – Flip This House

Here is a house we tried to buy pretty hard. It is in awful condition. It was built in the late 1950’s.  It is 800 sq ft and a 2 bedroom, 1 bathroom on a good sized lot.  The house needs about 25k in repairs to make it rent ready.

At the end of the day we missed out on this one, it was listed at 45k and sold for around ~70k.

We own House #28 about a block from this one and we paid about the same price, but our house is much better.  Built in 1980, 4 bedroom, 2 bathroom, 300 sq ft bigger, and only needed about 8k repairs.  A lot of the price difference probably has to do with the market going up, especially the low-end.

So if this type of property doesn’t get excited you might not like real estate investing!  At least buying the major fixers we do.

36th St – Outside

36th St – Inside

Be Sociable, Share!

3 Responses to “ A Typical Junker – Flip This House ”

  1. The more trashed the more excited I get. Just remember…you make your money on the buy. So if you buy it right and put a little contingency cash in the budget you should be fine.

  2. Mike Z says:

    What would a 2/1rent for in your area? vs the 4/2 you own? As for the market I suspect it is coig off the sugar high sparked by the 8K credit so lets see if the inventory goes up as I expect

  3. Steve says:

    2/1 in this area would rent for $850-900/mo.
    My 4/2 rents for $1,200/mo but my 4/2 is a really small 4/2. This area is not the greatest, I only own one property in the area.

    According to the agent on this one he’s going to resell it, at least that was the plan.

Leave a Reply