Posts Tagged ‘townhouse’

Breakdown of townhouse purchase costs

Friday, February 13th, 2009


Here are the final numbers on the rental property that I purchased.

Price: $106,000
Interest rate: 5.125%
Term: 30 years
Down payment: $21,200
Principal & Interest: $457.37
Taxes & Insurance: $128.87
Total monthly payment: $586.24
Estimated rent: $770

The townhouse is 1100 sq.ft., 2 beds & 2 baths, washer, dryer, carport, and small back yard. It has a great central location and should rent easily. I have another property nearby that is very easy to rent.

It needs some cleanup and repair work in the kitchen, fire alarms, blinds in the windows, new toilet sets, etc. There is nothing big that we have to do to it. With my wife and kids pitching in, we should have it ready to go by the end of the weekend.

Here are a few more photos of the kitchen, the living room, and the back yard.

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Delay on Townhouse Closing

Saturday, July 12th, 2008

We were not able to close on the fixer-upper townhouse on Friday. The underwriter for the loan requested some more documentation. They asked for a monthly utility bill to verify our current residence, a copy of my wife’s driver license to verify her complete legal name, and copies of our social security cards.

If all goes well, we will now close on Monday or Tuesday.

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Rental House Repair: An Easy Fix for a Sagging Fence

Sunday, September 9th, 2007

Since this blog is supposed about fixer upper and rental houses (when I don’t get off track), every once in a while I like to pass along fix-up short-cuts that I use.

This past spring I had a townhouse become vacant. There is a small yard in the back of the house with a 6-foot wooden picket-type fence. It was leaning quite a bit on two sides, primarily because some of the bigger 4×4 posts that are planted in the ground had broken off at ground level. I didn’t want to replace those broken posts, which would involve a lot of digging, and removing the fence sections that are connected to the 4x4s.

Instead I bought 4 or 5 six-foot stakes (there is probably a more common name for them that I don’t know) at Lowe’s for about $5.00 each. I pounded them in the ground with a stake pounder (again, probably not the official name) which cost about $20. Then, I straightened up the fence and attached it to the stakes with plumbers tape and screws.

Now the fence stands up straight after about an hour of work to do both sides of the fence. I acknowledge master handyman, Lee Anderson, for introducing me to this technique.

If anyone else has any other techniques, feel free to pass them along and I will post them on the blog.

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