Hey all, approaching the end of an option period buying a home near Dallas Texas.
The plan is to move into the house and live in it for 1 year, fix it up, and then move out and rent it with the goal of keeping it as a long term investment (20+ years).
Description: Its a small, 1 story, 1200 sq/ft 3 bed 2 bath home from 1961. Fully updated with builder's grade we expect to be worth $200K.
Cons: The house is move in ready but very old, nearly everything in the home is outdated (carpet, appliances, paint, etc) but they all work. Also the foundation has issues but mostly under warranty and we are negotiating on extra costs with the seller to re-mediate. There are old cracks on many of the interior dry walls from historic foundation issues that need repair. We expect some electrical and plumbing updates are needed but awaiting additional inspections (everything works but might not be up to date/code - plumbing does looks to be pvc).
Pros: The plus side is that the roof is being replaced by the seller, the HVAC and Water heater are only about 7 years old and in great working order, and all of the windows are new throughout the house.
What we would really like your advice on is how much a home like this on average costs to update enough (builder's grade) to get up to speed to rent. We had read to expect somewhere around $18K for a full remodel of a home around this size. Also if the soil in north Dallas moves so much, is that of a large concern renting and holding long term if constant fixes are required. Any advice greatly appreciated!
Thank you
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source https://www.reddit.com/r/RealEstate/comments/dao1l4/considering_purchasing_an_older_home_1960/
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