A Brand New Bouncing Baby Building!

After pussy-footing (I do not think that is derogatory at all, an actual reference to cat’s light footfalls, right?) around for years now (since 2012), I have finally bought a rental unit building.

I dropped $30,000 at closing and now, she’s all mine, warts and all.

Built in 1800 something, the building was originally a hotel. Some of the original doors still have numbers on them and the bedrooms on the second floor have the tell tale transom windows of a hotel room.

I also found out that this building was the only one left standing after a fire in a different small town up the road. Afterwards, the building was moved kit and caboodle with horses???

The second floor unit is a 2 bedroom 1 bath with a dining room and a large living room overlooking the ‘downtown‘. The dining room has a sweet built in;

The living room has a nice high ceiling, and obsolete radiator system that I think looks neat and good refinished wood floors.

Also a pair of non-too-fancy bedrooms;

A laundry room. Since my sister-n-law will live here, we got her a washer/dryer set as a housewarming present. $100 bucks for the set b/c they are almond colored and from the 1980’s. BUT these models are likely last another 20 years with the occasional belt changes. I find modern appliances to be a rip-off. My last repair guy said that I should just hope to get 7 years out of a ‘new appliance’ and then go buy another one. Such modern pessimism.

Bathroom;

This room will need some work. The prior tenant had kids and let the floor flood often. There is some soft/squishy subfloor up against the tub. I will likely have to replace the subfloor, but armed with my new found YouTube knowledge, I am ready to try that myself.

The Kitchen went through a recent remodel and is looking good. Only flaw is if you set a ball on the floor it would take off at an alarming speed toward the sink. What can you say, old building tend to settle.

The first floor has a tenant living there already so it is less presentable in picture form. Just know this. The layout is odd and chopped up. It is a 3 bedroom 1 and 1/2 bath. They have lived there 2 years already and I not inclined to rock the boat.

When they do leave, I will do some semi-serious remodeling to open up the floor plan and bring the unit up to date.

But all in all, I am very happy.

More from the Rental Property series;

Running the Numbers on a Rental Property

Zoning Laws and Red Tape

Problems with Appraisal

The Home Inspection

Pacing Acquisitions

The New Building is Acquired!

 

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