Julie in CA Posted November 5, 2012 Share Posted November 5, 2012 (edited) http://www.zillow.com/homedetails/936-A-St-Orland-CA-95963/2124153453_zpid/ Rental unit #1 is bringing in $475 per mo. Rental unit #2 is bringing in $450 per mo. Rental unit #3 is bringing in $475 per mo. Rental unit #4 is bringing in $450 per mo. Rental unit #5 is bringing in $375 per mo. Roofing has been replaced within the last 8 years, looks fine. All of the apartments have been occupied pretty continuously for at least 20 years. The original mahogany wainscotting & woodwork is still mostly in place, and has not been painted or otherwise disturbed. Most of the floors are original hardwood that looks like it would be fine with refinishing. Pest inspection showed no infestation, but did show a small amount of previous damage that has been repaired. In the walk-through, I didn't see a bug of any kind, anywhere, though the amount of piles/trash are somewhat intimidating. I had thought that perhaps I'd be able to get a zoning variance that would allow me to remodel the ground floor to use for a small bakery/cafe, while still renting out the remaining 3 upstairs units as income that would cover the house payment for the entire place. Not sure the zoning/permit issue can be straightened out, but even if I never ended up repurposing the ground floor, the rental income would cover the payment plus a bit that I could put away for future maintenance/upkeep/improvement. It would also be a place that we could live, should we have to leave our current house on the farm. The neighborhood is nice. Parking is great, with nose-in angled spaces all along the front, and since the house is on a large corner lot, there's also quite a bit of available parallel parking along the street on that side. There are also three parking spaces behind the house. Fairly large basement with concrete floor. Forced air heating in the ground floor units. Edited November 5, 2012 by Julie in CA Quote Link to comment Share on other sites More sharing options...
SonshineLearner Posted November 5, 2012 Share Posted November 5, 2012 You have to elaborate? Move here by yourself? Rent it out? :) It's pretty! :) Quote Link to comment Share on other sites More sharing options...
hana Posted November 5, 2012 Share Posted November 5, 2012 You have to elaborate? Move here by yourself? Rent it out? :) It's pretty! :) This--details needed! :) Quote Link to comment Share on other sites More sharing options...
MrsBasil Posted November 5, 2012 Share Posted November 5, 2012 As a B&B? Quote Link to comment Share on other sites More sharing options...
dangermom Posted November 5, 2012 Share Posted November 5, 2012 What a lovely location--it's pretty around there and only a couple of blocks from the library/park. Though it's even closer to the school--I don't know if that's a good thing. Quote Link to comment Share on other sites More sharing options...
dangermom Posted November 5, 2012 Share Posted November 5, 2012 Pretty! Can't believe the price! It's a smaller town and houses there are less expensive, plus the housing depression hit the area fairly hard. Quote Link to comment Share on other sites More sharing options...
justasque Posted November 5, 2012 Share Posted November 5, 2012 Built in 1947. Huge multi-level roof would cost a fortune to replace. "Most" units are in good condition. Could remodel to a single family home - currently 5 apartments. Very very cute, but a whole 'lotta hard, expensive work. Depends on your savings account balance and the neighborhood values. Quote Link to comment Share on other sites More sharing options...
Julie in CA Posted November 5, 2012 Author Share Posted November 5, 2012 As a B&B? Apparently at one point, there was a plan to use it as a B & B, but I don't really want to do that. Orland, CA isn't necessarily a place that would attract travelers. ;) Quote Link to comment Share on other sites More sharing options...
QueenCat Posted November 5, 2012 Share Posted November 5, 2012 Note that the estimated mortgage is based on a 20% down payment. I'd definitely get a thorough inspection. Quote Link to comment Share on other sites More sharing options...
justasque Posted November 6, 2012 Share Posted November 6, 2012 Apparently at one point, there was a plan to use it as a B & B, but I don't really want to do that. Orland, CA isn't necessarily a place that would attract travelers. ;) Hmmm... Your updated post does make it seem more do-able. AirBnB is a possibility for between-renters times, without the commitment of a full-on B&B. Quote Link to comment Share on other sites More sharing options...
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