I live in the north east, it’s not uncommon to see homes from the 1800s, and some of the mill towns have them split into multi families. I looked at a place today that’s a two unit (2 bed/1 bath each unit), and as a first time home owner I’d be living in one of the units and renting out the other. I’m having a hard time understanding real estate right now because people are still overbidding quite a bit for single families here (and some multis) while others sit for 6 plus months and don’t sell.
The house is listed for 375k, it sold in 2022 for 260k and as far as I can gather from the sellers realtor, no major updates were made. House has oil heat and the furnace age is unknown (looks old), it has a well and well size is unknown, and the seller isn’t providing info on what the utilities are in the winter. The units have separate electrical meters, but heat is not split and it’s not clear how that’s done as far as who pays what.
I have 125k to put down, so at 375k that would make my mortgage total about $2500, and the downstairs until is currently rented for $2000. My realtor thinks it will sell for over asking but that is kind of mind boggling to me. The area we’re in, 2k for a 2 bedrooom is on the high end, so I don’t see getting much more than that. After closing costs of 13k, I’d have about 10k in the bank, and that feels like not enough for an emergency given how old this house is. I feel strongly that an offer over 375k is nuts, but is that truly the world we’re living in? I absolutely love old houses so I’m trying to take my rose colored glasses off.
Also, when I was at the open house today, someone turned the shower on upstairs to test the water and all the suddenly it started leaking from the ceiling in one of the bedrooms. The realtor said the seller just has a plumber come by to fix it yesterday and it cost her $3000..