People! We need to decide if we want to make an offer on this house today. [link] I am calling mr. flea at 12:00. It's a FSBO, owned by the same guy for 40 years, well-maintained (and lovely) but lacking central air (and it has radiators, so harder to add central air) and much of the wiring appears to be knob and tube (but not currently problematic, according to the owner). Great location; yard on the small side. Currently the two apartments are rented for a total of $2650; one is on a month to month and the other is divorcing and plans to move out within a few months. An easy place to rent, given location and charm. We'd probably live on the 2nd floor apartment.
I do not know whether I want to offer or not. If we lived there and rented the other apartment, we'd only need to contribute $600 a month to cover mortgage+tax+insurance...
Do you want to be landlords?
Did you ask him when the wood siding was replaced?
I don't know? I mean, I have never thought to myself, "My ultimate goal in life is to be a landlord," but it could be nice to have some grad students downstairs or a young family and develop a relationship with them. And down the road I could see elderly parents moving in (mr. flea's folks turn 75 this year and are in great health, but...)
That is a great location. The living room windows are gorgeous. Do you want to be landlords and share the house?
t edit
Ignore that last question, since other people type faster than I do.
Lack of central air would be a deal breaker for me, but I am a delicate flower.
The exterior looks well-maintained. It is pretty pristine-looking. The guy bought it as a young single guy, but he's now an old retired rich guy with a lot of affection for the place he used to live in with his wife when they were young. He's had an offer from an investor, but would rather work with people who'd live there, which is why we have to decide today.
Flea, it is gorgeous, but I wonder if you can even get the place insured with knob and tube as new home owners.
That's gorgeous, flea. And income property is pretty much always a good idea, I think?
If you want landlording opinions, see if you can reach out to Jon B? I'm pretty sure he has a two-family and rents out half.
Sue, that is an excellent point. Thank you. The owner seemed very vague about the electrical; the fuse boxes are clearly old. I am not sure it is knob and tube but it would be important to know.
