Richmond Hill 5-Plex For Sale
I bought this house in December of 2006. It's a 5-plex in Richmond Hill. It may not look that big from the front, but you'll get the idea soon enough.
I never quite made up my mind what my strategy was going to be with this house. I keep changing my mind from:
keep the house forever?
landscape it, then paint it, then do a few other touch-ups then flip it?
pull out equity and then sell it?
Anyway, I live an hour away from the place and I just am tired of driving out there to manage it. It's in that sense that I'm a "don't-wanter", but I'm not enough of one to accept any price lower than my asking price. :)
Again, I'm just tired of dealing with real estate; even if I fixed up the place and took out tens of thousands in equity, and then hired a property manager so I don't have to drive out there anymore, I'm still just tired.
Ok, let's look at some more details. (price, etc is down below)
Finances: What Are The Numbers?
BTW, my asking price is $440,000.
In 2003, the mortgage lender appraised the house at $470,000.
(don't quote me
on this, but if you got a 35-year mortgage on 440k, I think your profit would be
about $800/mth on this house.
I'm
not sure anymore; please go check a mortgage calculator)
I got the contractor next door to give me a quote on the cosmetic enhancements for:
pressure washing the house
re-painting the house
and fixing up minor things outdoors to just make the place look better
and it was $3600-$3900.
Now, I am NOT an expert, but I *think* that
after the upgrades (landscaping would be extra), and
since it was appraised at 470k four to five years ago,
...the house could be worth closer to 500k or higher. ???
My real estate agent thinks it's worth 539k as per her comparable investigation.
See the Finances section for more info.
ARE YOU INTERESTED IN THIS HOUSE?
If so, please contact me, BUT PLEASE DON'T ASK TO SEE THE HOUSE UNTIL YOU'RE ABOUT 95% SURE THAT YOU'D LIKE TO BUY IT.
Remember that I live an hour away? I just don't want to drive in for every Tom, Dick, and Harry that's only a Tire-Kicker.
If you're very, very interested and have some questions for me, please email them to "cd at cosmeticallydistressed dot com"