Closed on my first home yesterday. A 1348sqft 3BR/2BA + 2 car garage condo in Austin TX. Built in 1979 and looks every bit of it at the moment.
- Sale price: $185,000
- Appraisal: $187,000
- Loan amount: $146,150
- Down payment: 20%
- Interest rate: 4.75%
- Monthly payment: $762.39
- Lender: Cornerstone Lending
Not doing escrow. I'll pay my all my insurance and taxes at the end of the year. This year's property taxes will be very low though, because the property still has the homestead exemption for people age 65+ from the previous owner (who was an engineer for NASA). Seller (power of attorney; the owner is in a nursing home due to dementia) also threw in: 1 year home warranty insurance, appliances (washer/dryer, fridge, stove, dishwasher), replaced the electrical panel because it was a Federal Pacific model beforehand, about $3,000 worth of closing costs, and cleaned up the place a bit (carpet cleaning).
More images:
Issues that require immediate attention: water heater needs to be replaced ASAP. That's #1 on the list. A bit further down, but still important: energy efficiency upgrades recommended by an energy auditor, like new HVAC, more attic insulation, duct sealing, replace single pane windows. Lower utility bills is always nice.
Plan on giving AirBnB a shot. Got some work to do. Might hire an interior decorator for assistance.