Sometimes you just have to know when its time to let go.

Finishing up the house on York St and expecting it to be on the market by this weekend.  There have been numerous delays on this project which have had me frustrated a lot.  We are leaving Boise tomorrow, having done as much as I want to do on this place.  At some point we just have to say ‘good enough’ and put it out there.  A house this old, with so much delayed maintenance, could end up being a lifetime project if we don’t draw a line and give it up.

I need to get at least $247,000 for this house.  At that price there’s not much profit because the rehab went way over budget.  I won’t let it go for less because then it was just a waste of time and money.  I would rather keep it and rent it out.  At $1200/month, we would be profitable in 17 years.  Although, we would likely raise the rent periodically so it wouldn’t actually take 17 years to break even.

My realtor asked me if I would consider owner financing  for this property.  I absolutely would.  I haven’t done that before and I like to try new things.  She told me to figure out what terms I would be good with.

Here are the figures I came up with:

20% downpayment; 8.5% interest rate; 20 year term

On a sale price of $247,000, that would be  $49,400 up front and $1714.81/mo.