Work is REALLY slow so I called a realtor to get on those MLS listing services to look at homes in downtown area of where I live and 2 flats. My house is nice but is slightly out of downtown and a 'differnt crowd'.. suburbia.. snootier etc.. I never liked that and have been thinking for months about moving but it never made financial sense but I would eat in downtown and walk past all the small cute homes (and large ones) and feel envious of people living in downtown.
Anyway, my goal was to see if I could move to the downtown area for LESS that my home now.
Turns out there is a shortage of mid priced homes in downtown .. most are $800k and up. I am trying to downsize in cost.
They had 3 2 flats though.. 2 over $875k and one . a duplex for $560k right downtown near the train. I looked at it today.
These are side by side units.. with 3 bedrooms/3 bath each (crazy).. the 3rd bedroom is small and the whole unit is about 1600 sq feet. attached 2 car garage for one and separate 2 car garage for the other and then a FIFTH garage space to rent to a train commuter... currently rented for $125 which is Low. I rented an OUTDOOR space in my drivveway 15 years ago for $100. . There is also an efficiency over the garage (not rented) that was rented for $650 before.
I took a look at it today (like i said slow day at work) and it gave me some ideas.
I have approx $200k in my house.. if I put that down and took out a mortgage my mortgage would be approx $2700 (30 year) and the rents are currently $1950 (already rented) and $125 (garage) and if I rent the efficiency ($600) minus lets say $500 (utilities for the 2 rentals) pretty much pays for the mortgage.
I could live almost rent free, live downtown in a more lively neighborhood and when I get married again (assuming this) I can just pick up and go with out a fuss and rent out the unit I would live in (people just moved out of it apparently... but was rented at $2200)
I could move from this 'less friendly neighborhood'.. and start over and have MUCH less financial pressure.. more freedom.. more liveliness. and not feel pressured to keep up w the jones'.
I am scheduling to see the other unit (the occupied one) and the efficiency and rented commuter garage Wednesday. Will also get other info.. roof, mechanicals. etc.. but built in early 90s
Rooms were smaller and NOT all my furniture would fit but really seems warmer, cozier and I can move ON..and make a 'home'. Unit is in good shape (no immediate requirements). It does have grey carpet and light blue walls. I would want to make it my own with different colors..
Not sold totally just an intriguing thought right now.
Crazy idea- 2 flat