I am calling this the Historic House because if was built in 1897. It is a very nice large house with hardwood floors. This house has superb craftsmanship with fancy trim around the doors and windows. Unfortunately this house is in a bad neighborhood; some houses in the neighborhood are like this and others are complete dumps. The slang term from this neighborhood is ‘buckets of blood’, but there are $150,000 houses a couple of blocks away.
I purchased this house with a partner. We found it about the same time as the Don’t Plex house, just after completing the Wholesaler House. We bought this house for $27,000. It needed the outside portion of the A/C unit, some roof work, and we had a partial chain link fence completed. We ended up spending about $33,000 total on this house. It is currently rented for $750 but we are having trouble collecting the rent.
Here are the numbers:
|Current Loan Amount:||$50,188|
|Payment (escrow included):||$510.98|
|Loan type:||30 year fixed|
|Monthly Cash flow:||$239.02|
|Comments:||This is the most profitable house I have with my partner. However, we borrowed more than we needed and squandered that on another house.|