So during a slow period at work today I happened to check out realtor.com to look at houses for sale in my city. Wouldnt you know I ran across the listing for 1 of the townhouses located directly behind me.
These are a set of 3 buildings- each divided in half to create a side by side townhouse. They were built to look craftsman, and finished being built in 2008.
Only 1 unit sold for around $330k- the rest didnt sell and are vacant. The builder went into foreclosure and not much activity has happened with them.
The unit I came across is listed for $178k. It has granite countertops/slate tiling/2400 sq ft/3 bd/2.5 bath and a garage.
It's a good deal. I know BB and I were interested in buying a rental property recently but ultimately didnt because of a cash shortgage. We have been saving to fix that- and have almost 3k saved. Not enough to buy a property but we are on our way.
My mind goes to it because it is such a good deal. But I dont think it would collect enough rent to cover the mortgage/insurance/taxes due to location. Mostly college kids or low income people rent around here and I dont think neither population has the means to cover inflated rent due to jacuzzi tubs and granite counters.
Of course BB and I could move into it and rent out our unit. It is located directly behind us. But leave the house?! I think it would take more than slate and modern conviences to get me out of my house. But in fantasy world I sure would love to have a garage, an upstaires balcony, a dishwasher! and to spread out in 2400 sq ft.
Oh that would be nice. But not nice enough. I love my house. I need to forget this townhouse- it is a great deal for someone else to buy.
real estate in my backyard
December 10th, 2009 at 02:15 pm