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Hmm...Just Thinking

February 16th, 2012 at 12:47 am

There is an itty bitty house on a double lot going for $145,000. It's around 418 square feet, set up like a studio apartment. But it's on an otherwise empty double lot. It is in an ideal location. It couldn't be in an anymore perfect location. 2 blocks from the grocery store, less than a mile to each child's school, near the library, near our credit union, on the bus line.

Running the numbers, a 10% downpayment would be approximately $15,000. The monthly payment at 3.4% would be less than $600 a month. It is currently rented at $700 a month. We could come up with that downpayment pretty fast if we pushed. We could make the monthly payment easily on our own without a renter. I don't really want to be a landlord, but I'm not adamantly opposed to it, either.

We could work on paying it off while we live here and then build a house to suit us. I think if we paid the regular payment plus the amount from the renter on top, we could move pretty quickly on paying it down, especially if the old house sells, then get a construction loan to build.

Also, the itty bitty house currently in existence might be an ideal place for DD to live while going to college. Or just nice for storage or something.

Anyway, just thinking aloud, really. I know we still need to pay off the credit card first and then save up for a downpayment. It may not still be there when we'd be ready. The house has been for sale for a long, long time, though. You never know, and it might be the way to go. Certainly an option to consider anyway.

4 Responses to “Hmm...Just Thinking”

  1. mamasita Says:
    1329386319

    I love these kinds of opportunities, sometimes they are just fun to think about, and sometimes they turn into something more... Smile

  2. Looking Forward Says:
    1329420687

    Doesn't hurt (or cost $) to think about. Smile

  3. frugaltexan75 Says:
    1329450859

    418 sq feet for $145,000???

  4. Jerry Says:
    1329586756

    Our first house was an itty-bitty (less than 600 sf) and we paid $99k for it, and then we sold it for $145k a couple of years later. I loved that place, despite its size. If it had been on a double lot that probably would have lead us to keep it, actually. It was on a tiny little lot, as well, and kind of a busy street in the summer time. But we had the insurance of great neighbors, and close access to the Atlantic Ocean. Little houses can be great in the right circumstances!
    Jerry

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