[quote=Scarlett]. . . We simply don’t have the financial reserves to get a fixer-upper like the one on Stadium way. If it would be like, at 300K, then yes. I agree that it has good bones, that it could be made nice and increase its value, but it’s simply not in the cards for us. And besides the money, there is a lot of time invested to make that property livable – time that one may not want to live there with kids until it’s done. There is a value on that time and comfort too.[/quote]
scarlett, you don’t need financial reserves to do rehab work if you can secure an all-in-one solution with the FHA 203K program (30-yr “take-out” mtg) at the time of purchasing the fixer. You just have to make sure you take out enough to complete the necessary work.
However, I understand the discomfort and inconvenience of living in a partial fixer. I didn’t have problems living in fixers with kids and dealing with roofers or concrete contractors but that is just me. My only focus was to acquire desirable sound properties as cheaply as possible.
I read somewhere (but wouldn’t be able to find it now) where you posted that your former commute from RB to LJ area was really frustrating for you both. PQ is just across the fwy from RB. Have you factored in an extra $100+ a month for A/C for part of the year?
scarlett, from this thread, you sound like what you REALLY want is UC and these other areas are just lesser alternatives. IMHO, if UC is what you REALLY want, then you should GET IT. While the interest rates are this low, why “settle” when it comes to location? I believe UC is within reach for you (with a few temporary sacrifices).
If I were you, I would focus on what I REALLY wanted, location wise, and worry about putting a walk-in closet in the MBR later, for example. Once you buy, I don’t believe you will be able to easily sell in the next few years and come out “cash-positive,” (unless possibly you have rehabbed a below-market fixer situated in a very good area).
You can never fix inconvenient locations but you can fix everything else, given an adequate-sized lot.
Why don’t you just do a drive-by on Ramsay and report your property and immediate-area impressions back here, keeping in mind its “prized” school attendance area?? Don’t automatically assume it will sell for near its listed price unless it has been heloced.
