Mr. PFL and I toured one of the units in the 5-unit apartment building after work yesterday. I still love the location, but there are some major drawbacks, and major dollar signs, attached to this property. The biggest problem is the lack of off-street parking. There really isn’t a solution for this issue, unless we would also be able to buy one of the vacant lots across the street and turn it into a parking lot, and that is unlikely to be a realistic option. The units would also need, to attract the type of tenants I’d like, a complete makeover inside. The units are almost twice as big as the ones we worked on earlier this year, so I must admit to being overwhelmed by the time and energy it would take to get them ready. The kitchens are also extremely small (oven and fridge can’t be open at the same time), so removing a wall might be necessary to make them even usable. The positives, though, are that I still believe in the area, the bedrooms and main floor are large, there is a big backyard that could be fenced to give each unit private outdoor space (they are townhouse/row-house style with private entrances), there seems to be newer plumbing and mechanicals, and it is currently fully leased, so any major projects could wait a few months. Mr. PFL and I will discuss and make a decision sometime soon. If we do make an offer, it will be substantially less than the list price of $149,000. I’d say there is a minimum of at least $50,000 worth of updates that are immediately apparent (new windows, gutter issues, new kitchens/appliances, new bathrooms, etc.) and I’d expect to list the units at about $750-$850.
I’m currently waiting for a call so I can run across the street to the Condo and have the new washing machine installed. After Mr. PFL and I were unable to remember the origin of the washing machine (our best theory is that it came from Mr. PFL’s apartment prior to buying the condo in 2002), I found a Black Friday deal for a new machine online. I also did some research about why the dryer door keeps popping open and discovered that the door latch gets worn out. I am going to attempt to replace the door latch with the replacement part that cost less than $12, including delivery (thank you, YouTube, for all your help!). Unfortunately, within the last 24 hours, the tenants have also reported an issue with getting enough hot water and that the furnace isn’t kicking out enough heat. Apparently we are in the midst of the 5% of property ownership that is difficult right now; 95% of the time it is easy, in my opinion.
If the washing machine ever comes today, I have a lunch meeting planned with potential travel agent clients that do group travel. I went to a training on Wednesday night that had a representative from the hotel that they indicated they’d like to stay at for one of their trips, so I’m feeling confident that I should be able to get them organized. I also finalized some details for my very first travel clients who are leaving for their trip soon.
I almost forgot that I’m planning to put up new blinds in one of the bedrooms at the Condo. It currently has broken, dirty mini-blinds from 1997. Woohoo! Just got a call from the delivery guy. Time to head out for some repairs!