Purchased: February 2021
Location: Indianapolis, IN
Property Type: SFH
Strategy: Buy and Hold
Repair Cost: $19K (exterior work)
I love the location of this house. It is on a quiet street next to a high school. It was an ugly house with nice interiors. However, due to the need for an extensive exterior rehab, the house sat on the market for months. I was able to get it under contract at a deep discount with a cash offer using private money.
This bungalow looked brand new after a facelift, which included a new roof, new sidings, painting all trims, and yard clean up. This increased the rent by $150 per month.
A cashout refinance is certainly an option in the future. For now, the no debt cashflow is pretty sweet!