Open House Picks

the dude, please update us after the OH. I wonder if you can finance it with the CoO issue, maybe that’s the catch. Also, reading back, it looks like the current owners owe about $1.6M on the place, so it may be a short sale?

“However, if all the numbers are in fact legit it probably is priced about right and I’d make an offer if the bottom two floors can be converted into an owner’s duplex. Guess I’ll find out on Sunday. Something seems fishy though.”

I’m assuming you could since the garden (basement) and 1st floor apartment is listed as a 1 family on the CofO.

“I actually felt bad for the realtor, if he could get the seller to clear out even a little bit of the junk and increase the wattage of a couple lights, then the potential purchasers could at least get a better sense of the place”.

LOL; sort of reminds me of my own house [which was owned by an elderly women who was in a nursing home]when I first saw it. This is a bad situation for the broker and the seller, but could be good for a buyer. In my own case (way back when) we saw enough of the junk to strike the “broom swept” clause out of the contract. We had to throw away a lot of crap, but there were lots of beautiful pieces of oak furniture that we’re still using (and which gave me the chance to improve my refinishing skills). Of course the ultimate of this house might not be so lucky–sometimes junk is really junk 🙂

CG is priced EXACTLY at a 6% cap rate (assuming 100% occupancy) – makes me think some of the numbers were made up to hit that bogey.

However, if all the numbers are in fact legit it probably is priced about right and I’d make an offer if the bottom two floors can be converted into an owner’s duplex. Guess I’ll find out on Sunday. Something seems fishy though.