Wednesday, December 19, 2012

Basic Housing

Everyone needs to doss someplace.  For your consideration:

$21,250 on 12/13/12
Est. payment:
Bedrooms:350 days on Trulia
Bathrooms:2179 views
Property type:Single-Family Home
Size:2,256 sqft
Lot:Ask agent
Year built:1952
Provided by:Fannie Mae

Ignore (not) that the bathrooms have no pictures.  What about the "numbers?"  TCO $15k down and $500/mo.  I expect $8k in repairs.   Easy rent @$800.  Returns in excess of 25% after cushions for vacancy and unexpected costs.  No allowance for tax breaks against regular income.

Interesting that Fannie Mae needed to present such a major price reduction.  The decade plus price history is also interesting.


Cinco-X said...

Just a couple of blocks away from a very high crime area...think that factors in?

Rob Dawg said...

.think that factors in?

Strangely, in this case, no. Strong demarcation between overbuilt and in the path but missed the boom. Big, semi-rural property. Crime will be unacceptable by my standards but typical for the general region and certainly less than the urban areas.

TJandTheBear said...

You ready to buy yet, or still expecting another shoe to drop somewhere?

Sri said...

Hey Dawg, somewhere else I heard you got a good pet policy for renters. Never saw what it was. What is it? TIA.

Rob Dawg said...

17. Pets.
a. Dogs and cats are not allowed. Requests for modifications to the lease agreement concerning pets shall come with a non-refundable $100 application fee whether the request is written or verbal. The answer will still be no but this clause makes sure it isn't the landlord's responsibility to be the parent and deny a tenant or authorized dependent permission.
b. As in the case of late fees (see 4 above) if necessary the $100 fee will be deducted from the security deposit.

Sri said...

Hehe. Mahalo. "But...but...but Fluffy never wee wees inside!"

sm_landlord said...

You have to be careful just saying that "dogs and cats are not allowed".

I had a tenant sneak in a snake, and of course the frogs or whatever critters they fed it.

Cinco-X said...

The FHFA House Price Index

Economists polled by Bloomberg are looking for 0.3 percent month-over-month rise in home prices.

Home prices rose 0.2 percent in September.

Jim the Realtor said...

Fannie Mae's Homepath Financing allows investors to purchase with 10% down and no PMI, and no appraisal.

I know a guy who bought three in one week.

This property also qualifies for Homepath Renovation Financing too, where they give you money for repairs too, and add it to the loan amount.