Wednesday, February 6, 2008

The house down the street

Another "For Sale" sign went up on our street! That makes 4 in the last year. This one is the most similar to ours and it's actually only 2 doors down. Of course we have a vested interest in what is for sale and what it is selling for, so I scoured the MLS for the listing. Finally I just emailed their agent and she sent me the preliminary listing (hasn't hit MLS public yet).

It's a solid triplex with a new-ish roof and fancy-schmancy units that will rent for good money. About $2500 a month. And it's listed for a whopping $249,900!!!

I don't think we'll buy it - we're not really in the market until this summer, and $250K is a lot. Although it does cash flow fairly well if we paid $235K. It's a good solid purchase for somebody. How nice would it be to be 2 doors down the street, though?

Regardless, it's great for us. Because if that house sells for over $220K, which it should, it makes ours skyrocket in value. We were thinking about stripping the equity and using it for the next purchase, and we only paid $172K for it! We only owe about $155 now, so we should be able to get about $30K out no problem.

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