Rules are often broken, even the rules for making money. Every so often it's important to take a little more risk than normal. At least that's what I'm telling myself today. The partnership which I am a member of has purchased a cute little house. When I say little, I mean 532 square feet of little. Normally, as a rehabber I would not have even considered this house, but there were several things that drew me to it.
- The floor plan makes sense. The front door enters the living room which is open to the kitchen. Half walls currently chop the space somewhat, but they will be removed. The feeling is bigger than it actually is. Behind the kitchen is a side hallway with a bath entrance and behind that is the bedroom. The back entrance is on the side of the kitchen by the hallway.
- All the windows are new, siding is new, roof is new Timberline shingles, and the long cement driveway is new.
- The wall board and plaster inside have all been removed down to the bare studs. All that's required for finishing is new insulation, vapor barrier and sheetrock.
- The kitchen is small but very functional.
- The furnace and electrical are upgraded.
- It has a full basement which can be finished for additional living space.
- The neighborhood is middle class and working class mixture.
- The purchase price was right.
- Resale can be kept at $100,000.
- It has a one car garage.
Normally, I would never choose a one bedroom house to rehab, but something about this one caught my eye. The plan is to finish the project and hold the property for a couple years until the market settles down again. My hope is a nice single person or couple will like this little gem as much as I do. We're willing to do a contract for deed, so spread the word to family and friends.
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