House #4: Yellow Stain House

As I mentioned yesterday, I had three offers submitted and waiting for response from sellers. Well, I received one response today, and it was a good one…I now have my fourth house!

This is the third house mentioned in yesterday’s post, the 3 bedroom, 2 bath house built in 1988 that’s in rent-ready condition, and pretty much in sale-condition as well. I’m very surprised that it went for as little as it did, considering it was in such good shape. Apparently, there was only one other bidder on the house, an owner-occupant who actually outbid me; but I imagine that my large deposit and lack of contingencies made me a bit more attractive to the seller, and helped me get my bid accepted.

I’ll go into more detail in a follow-on post, but the basic rehab plan for this one will be as follows:

• Replace the flooring (it’s currently all carpet and vinyl, in average condition)
• Replace the kitchen countertops
• Refinish the kitchen cabinets
• Replace the appliances, including washer/dryer
• Upgrade the bathrooms with new vanity tops, new hardware, and new fixtures
• Paint the interior, and stain the front and back decks

Additionally, I’m considering some other work if it’s necessary or cost-effective:

• Because the utilities are not on, I don’t know the condition of the A/C and furnace. I believe they are original (about 20 years old), but am not sure if they need to be replaced
• There is a framed, but unfinished large room in the basement that I may finish to create a fourth bedroom, office, or play-area. If it’s cost-effective, this extra finished space may be a good selling point
• The dining room is currently very small and compartmentalized. Because it opens to both the kitchen and living room, I may decide to knock out a wall or two to create a larger (or at least perceived larger) dining space. The concern here is that this would turn a formal dining area into a kitchen and/or living room attachment, which might be less appealing to some buyers

The next couple days will be spent finalizing due diligence on this one, and by then, I should have a lot more details to post…

Oh, and you’re probably wondering why I’m calling this one “The Yellow Stain House”…while the utilities are off and it’s too dark to see a lot of detail in the bathrooms, I took a couple pictures today, and the flash lit up the room enough to notice some very large yellow stains on the vinyl floor in front of the toilet and tub (they show up clearly in the pictures as well). I really hate the fact that this is the most distinguishing feature of the house, but unfortunately it is…