天上掉下來的“餡餅” Pt 4.
took possession of the property on this $3000 diamond today..
the goods:
-- furance only 4 years old.
-- 200 amp service entrance.
-- newer kitchen
the bads:
--> some siding damage from wind storm.
--> roof leak in kitchen
-- trashed, one broken window
--> living room, heave smoke odors, carpet trashed, nice wood floor underneath.
--> need to reframe the laundry area.
--> lots of drywall / plaster work.
--> need new hand rails.
--> 1200 sq ft barn
--> mostly junks, but found a generator.
Purchase price:
-- net out of pocket $2291.
Estimates of repairs:
-- some wiring/electrical/lighting - $1000
-- some framing/siding/roof - $2000
-- dumpsters - $1000
-- cleaning/dry walls/paint - $3000
-- carpet - $1500
-- materials - $2000
----> total project $13,000, Market value $70-75k.
Expected rents.
-- house $650
-- barn $150
---> Total yearly rent - $9600
