I plan to live in a house for two years with roommates.
It could house three roommates for $550/mo rent each. (The basement can be another bedroom since it was built after 1995.) Although, I doubt I would find that many based on living in a similar location, and having a hard time finding roommates. So assume an average of 1.5 roommates for the first year, and 2 roommates for the second year with a $25/mo rent increase:
550*12*1.5 ~= $10k 575*12*2.0 ~= $13k
Rental companies in the area currently charge $625/mo for a single-bedroom apartment.
The condition report is flawless. I am a little weary of buying a house in this seller’s market, but the only other options I have is getting locked into a year apartment lease. I am also a light sleeper; these cheaper apartments are generally noisy.
I have experience with drywall, woodworking and am generally handy. I probably would soundproof some of the rooms in that house. (Either way, I would have to paint some of the now kids themed rooms.)
If it doesn’t sell for roughly what I bought it for, I have a trusted friend that may be moving to a nearby city in one or two years. If I left the area completely, they could become the landlord. Or I could hire a property management company too. This way, if the property sells for a loss, it will truly not be a loss because of the net rental income gained. The property sold for $120k back in 2011:
Assessed in 2020 at $142,100.