Two houses on individual lots. Both houses are rented to long term tenants and rents are due to be raised. Small lots and they need to be sold together because both are on the same water well. Each has separate septic systems and one septic is newer.
Both houses are occupied with paying long term tenants who would love to stay if possible. One house the tenant pays $535 and the other house the tenant pays $300/m. REnts are low but the tenants pay on time and will stay forever if allowed. The houses are pretty rough and it probably doesn’t make a lot of sense to kick the tenants out to renovate and increase rents significantly. That could be a good option a few years down the road. For now, I’d keep the tenants and rents the same, maybe increase a little, but it’s valuable to have solid paying tenants these days.
The house rented for $300/m is pretty bare bones and does not have central AC or washer dryer hookups, but $300/m is still cheap. There isn’t much too this house and the roof is good. Tenant is happy. This one is a bedroom, kitchen/dining area, and bathroom.
The larger house has a sagging area in the middle. Could just need jacked up and repair or add another pier, could also be a rotted joist, we couldn’t see underneath. Overall the house is probably C- condition but again the tenant is super happy and will never move if allowed. Probably a little structural deferred maintenance on this one but I wouldn’t worry about any cosmetics. The tenant already trimmed a tree off the roof and would like to install a back fence for his dog.
These two houses are great cashflow opportunities for new or experienced investors. Taxes are low, tenants are stable, the houses are a little rough but not much needs done other than maintaining the structures. Both roofs are good and not leaking.
Feel free to drive by but call us for showings. Drive by first before scheduling a showing. You need to be ok with the area and exteriors. The interiors are nothing special anyway. The tenants are there to stay if allowed.