I had a few backup properties and saw those yesterday with my agent. After looking at 3 properties, I decided to put in an offer on this one.
This property is a 3 bedroom, 2.5 bath fee-simple townhouse built in 1990. The property was originally listed for $61,600 but was reduced to $31,600 on 8/4/07. The last sale price was $80,000 on March 3, 2005. The county tax assessor has the value of the property at $76,600. The value range on Eppraisal is $78,563 - $106,413. The value range on Housefront is $87,000 - $97,000. There are about 5 properties for sale in the community with asking prices from $48,000 - $89,000. Rental rates in the area range from $650 for a 2bedroom and $850 for a 4 bedroom.
The property appears to be structurally sound and only needs cosmetic repairs. A condition of my offer is that the property inspection is satisfactory. The previous owners were apparently upset that they were losing their home and caused a little damage to the property. They smeared the walls with a unknown substance, broke all the light fixtures and caused minor damage to a few of the walls. The front and rear doors and the carpet will need to be replaced. There are also a couple of broken windows. I estimate I will need to put about $10,000 in the property to make it livable.
The offer was faxed over yesterday afternoon so I should hopefully hear something on Monday.
Where do you get the sales price history for a property? I know the county or city tax office will have the appraised tax value, but in TX they can only ask for the your purchase price - you are not required to provide it to them.
ReplyDeleteI am able to view the sales price history on the county website. They list the appraised value and sales history.
ReplyDeletesingleguymoney,
ReplyDeleteWith a 3 bedroom/2.5 bath, that would sure seem to be a great price point for a rental. Is this a condo or fee-simple townhome?
Good luck on the offer!
@mike-twa - Thanks for asking those questions. I have modified the post to answer your questions. It is a fee-simple townhome and renal rates are about $650-$850/mo.
ReplyDeleteWow, that's a nice looking place, I'd live there myself, after you'd made it 'liveable' of course! :-)
ReplyDeleteThis is a great looking place. Over here, you'd almost have to add a zero at the end to buy something like this.
ReplyDeleteOK, maybe not quite, but easily over 500K for a two bedroom townhouse (or townhouse-style condo) with a garage. Over 600K if the place is large. I can't believe there are places where anything can be bought for five digits. Over here, a one bedroom co-op (not a condo) would go for twice this price. Not too easy to invest...
@Debt Dieter - Sure, you can live there once I make it liveable. I am a great landlord! LOL
ReplyDelete@kitty - This price is definitely not the norm. Prices are usually at least double that price.