I have just put in an offer to purchase a house in downtown Winnipeg Manitoba, walking distance from a university and a large hospital. It is a 4 bedroom fixer upper, 1400sq ft, full unfinished basement and built in 1882. I purchased it for 32000$ and it needs about 10000$ work. Taxes are low, about 290$ a year. The tax assessment for the house is assessed at 35000$ for the house and 15000$ for the land. So it's assessed at 50000$ and I'm paying 32000$. I think I could rent it out for about 650 to 700$ a month plus utilities because it's so close to the school and 4 bedrooms. House is fairly solid but needs some cosmetic work. Floors, new doors, a couple windows and an addition that needs new everything. This is my first purchase and I intend to rent it out. I plan to eventually own several rental properties. Can anyone give me tips on anything to do with rentals, tenants and fix up work? Did I get a good deal? ANYTHING would be really appreciated!
2006-12-11
06:30:15
·
3 answers
·
asked by
Vanessa
2
in
Renting & Real Estate