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.
Mal: You know, you ain't quite right. River: It's the popular theory.
'Objects In Space'
Natter 73: Chuck Norris only wishes he could Natter
Off-topic discussion. Wanna talk about corsets, duct tape, butt kicking, or physics? This is the place. Detailed discussion of any current-season TV must be whitefonted.
flea - Aug 21, 2014 6:51:29 am PDT #4560 of 30000
information libertarian
Sue - Aug 21, 2014 6:54:21 am PDT #4561 of 30000
hip deep in pie
Flea, it is gorgeous, but I wonder if you can even get the place insured with knob and tube as new home owners.
Amy - Aug 21, 2014 6:55:03 am PDT #4562 of 30000
Because books.
That's gorgeous, flea. And income property is pretty much always a good idea, I think?
Jesse - Aug 21, 2014 6:55:39 am PDT #4563 of 30000
Sometimes I trip on how happy we could be.
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.
flea - Aug 21, 2014 6:57:36 am PDT #4564 of 30000
information libertarian
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.
Steph L. - Aug 21, 2014 7:00:27 am PDT #4565 of 30000
I look more rad than Lutheranism
A house 3 doors down from us was apparently half knob and tube and half modern wiring when the owner bought it. They had it re-wired, but I don't know if it was for insurance purposes or if it was because they thought the half-and-half-ness made it a death trap (which would still be an insurance issue, I suppose).
Jesse - Aug 21, 2014 7:01:18 am PDT #4566 of 30000
Sometimes I trip on how happy we could be.
All of my expertise comes from HGTV, but having the rental income would make me feel better about the prospect of needing and/or wanting to do a lot of work on the place.
flea - Aug 21, 2014 7:03:27 am PDT #4567 of 30000
information libertarian
On the other hand, they're running at least 6 ac window units in the (large) building, and it hasn't burned down yet.
Steph L. - Aug 21, 2014 7:04:57 am PDT #4568 of 30000
I look more rad than Lutheranism
they're running at least 6 ac window units
Oh my god, that electric bill.
meara - Aug 21, 2014 7:11:35 am PDT #4569 of 30000
Ouch, that does sound like quite the bill.
Would you be able to afford a month or two here and there without a tenant?
Will your taxes require a lot of professional help, as a landlord? (Will it HELP your taxes because you can depreciate or somesuch? Or hurt because you can't deduct all the mortgage interest?)
It's super cute. I'd figure out how much replacing the knob and tube would run and add that to your theoretical budget. I mean, if the place cost $20K more (or however much replacement runs, I have no clue), would you still want it? (Keeping in mind while it sounds like a lot of money as a separate "we need to do $X of work to this house!", when added to a mortgage it doesn't sound so crazy)