The Jalopy Journal

vartz04 · 06-12-2012, 05:33 AM

House 1
3 bedroom (1 in basement) 2 full bath duplex. First 2 floors are 1054 SF + a finished basement. Location knocks 10 minutes off of my drive to work. 1 car garage (11x19). Tiny Kitchen, No dishwasher, All appliances stay. Decent sized yard for a duplex. Price is $132,000, Taxes are $3047/year

House 2
Estate sale, 2 bedroom 2 bath brick ranch on about 1/2 an acre. 1350 SF. 15x22 garage (giant one car?) With heat. Needs complete updateing but is in an area where the updated house would be easy to sell. Drive to work will stay the same essentially. I need to rip out the carpet and paint before we would move in and then The bathrooms need to be rehabed and the kitchen is usable but id want to do that within a year or so too. Price is $127,500 Taxes are $5640/year.

I can do most of the work myself on this house (minus installing the new carpet) so its all just going to be materials costs. So do you go for the house and do the work or go to the move in ready duplex and suck it up for a while til you can sell and buy the house. Both are in good school districts. My gut tells me to buy the house even though it needs work as it seems to be more of an investment.

checkthisout · 06-12-2012, 05:39 AM

Quote:

Originally Posted by vartz04

House 1
3 bedroom (1 in basement) 2 full bath duplex. First 2 floors are 1054 SF + a finished basement. Location knocks 10 minutes off of my drive to work. 1 car garage (11x19). Tiny Kitchen, No dishwasher, All appliances stay. Decent sized yard for a duplex. Price is $132,000, Taxes are $3047/year

House 2
Estate sale, 2 bedroom 2 bath brick ranch on about 1/2 an acre. 1350 SF. 15x22 garage (giant one car?) With heat. Needs complete updateing but is in an area where the updated house would be easy to sell. Drive to work will stay the same essentially. I need to rip out the carpet and paint before we would move in and then The bathrooms need to be rehabed and the kitchen is usable but id want to do that within a year or so too. Price is $127,500 Taxes are $5640/year.

I can do most of the work myself on this house (minus installing the new carpet) so its all just going to be materials costs. So do you go for the house and do the work or go to the move in ready duplex and suck it up for a while til you can sell and buy the house. Both are in good school districts. My gut tells me to buy the house even though it needs work as it seems to be more of an investment.

If you don't have any experience fixing up a previous house, do not buy the fixer-upper.

If you do, don't fix it up. Pay it off first, then fix it up.

Tjc · 06-12-2012, 06:06 AM

House 2!

redcorvetteman3 · 06-12-2012, 06:10 AM

Quote:

Originally Posted by vartz04

House 1
3 bedroom (1 in basement) 2 full bath duplex. First 2 floors are 1054 SF + a finished basement. Location knocks 10 minutes off of my drive to work. 1 car garage (11x19). Tiny Kitchen, No dishwasher, All appliances stay. Decent sized yard for a duplex. Price is $132,000, Taxes are $3047/year

House 2
Estate sale, 2 bedroom 2 bath brick ranch on about 1/2 an acre. 1350 SF. 15x22 garage (giant one car?) With heat. Needs complete updateing but is in an area where the updated house would be easy to sell. Drive to work will stay the same essentially. I need to rip out the carpet and paint before we would move in and then The bathrooms need to be rehabed and the kitchen is usable but id want to do that within a year or so too. Price is $127,500 Taxes are $5640/year.

I can do most of the work myself on this house (minus installing the new carpet) so its all just going to be materials costs. So do you go for the house and do the work or go to the move in ready duplex and suck it up for a while til you can sell and buy the house. Both are in good school districts. My gut tells me to buy the house even though it needs work as it seems to be more of an investment.

House two but those tax's nuts

weems · 06-12-2012, 06:19 AM

Agreed on taxes be crazy! House 2, just because it's you and some land compared to the duplex.

BD1 · 06-12-2012, 06:31 AM

Where you located ? How have house sales been going ? Throw a low price out there and see what happens.
My choice, 2, as long as you can afford the taxes and it has a BASEMENT. Duplex is like apartment and I think harder to sell. I was lucky and never rented or had a duplex or townhouse.

mikeesracing · 06-12-2012, 07:06 AM

House #2, If at all possible you always want a home you can grow into.

SuperSocket · 06-12-2012, 07:09 AM

Where do you live for such expensive places and high taxes?

5lima30 · 06-12-2012, 07:36 AM

Probably #2, but seriously those property taxes are crazy!

JimVonBaden · 06-12-2012, 07:40 AM

Quote:

Originally Posted by ockie

Where do you live for such expensive places and high taxes?

Cheap house, stupid high taxes.

In Northern VA you couldn't buy a house that cheap, any size of condition unless it is falling down and on a postage stamp size lot.

My house was $600K and taxes are half those listed.

Jim

vartz04 · 06-12-2012, 07:55 AM

Kendall County, IL. About 1 hour SW of Chicago. Taxes suck here. My parents have a 3000 SF house on 2.5 Acres and they pay almost 10k. Taxes are a little high but the person owning it before had a senior exemption and was only paying $2400. I would attempt to fight the taxes once the next bill came out but Im stuck for the rest of this year.

My parents had decent luck fighting the taxes on their house got it down about $2,000 (from 11,8XX to 9,6XX)

GirlnAgarage · 06-12-2012, 07:56 AM

House 2 assuming you're within the comfort zone of what it costs. Those taxes, WTH?

bazzateer · 06-12-2012, 07:56 AM

Go with your gut - House 2.

Kevin54 · 06-12-2012, 08:02 AM

Pics man. We need pics.

House #1 has a bedroom in a basement. That could be good or that could be bad depending on how everything is situated. If it doesn't have an egress then a basement is not a good idea. The upside, it is a duplex. Can the tenant pay most of your house payment? The downside, it is a duplex. How do you feel having someone living beside or above you?

House #2. Upside is that you have some ground, larger garage, your own space without renters. Larger size in sq. footage. Would be easier to sell if updated according to you. Downside, having to put new carpet in and paint right off the get-go. Needs some remodeling. High taxes.

What years are the homes? With the way the market is now, it is a buyers market. With #2 being an Estate Sale, you may be able to make a lowball offer and get it, depending on how fast they want it sold. Point out everything that needs to be done to make it ready and up to date.

How old are the heating and cooling systems in both? You don't want to get either one then find out that you have to shell out thousands for new heating and cooling. How old are the roofs. Will they last a few years, or will they need replaced shortly. How is the landscaping? Is it up to date or is that something that will also need to be done to get that curb appeal?

Snap a pic of both and post up if you can. It's hard to make a decision without seeing either one at least on the outside.

ddawg16 · 06-12-2012, 08:46 AM

House #2.......

FWIW.....my house is worth 3x what your paying for that and my taxes are a lot less....and I live in California...

Side note....I was chating with a customer in Texas a few months ago....comparing house values, taxes and such.....Texas has no income tax...but he pays more in property taxes than I do in both property tax and income tax.....and my house is worth more than his......

philip_g · 06-12-2012, 09:05 AM

Quote:

Originally Posted by ddawg16

House #2.......

FWIW.....my house is worth 3x what your paying for that and my taxes are a lot less....and I live in California...

Side note....I was chating with a customer in Texas a few months ago....comparing house values, taxes and such.....Texas has no income tax...but he pays more in property taxes than I do in both property tax and income tax.....and my house is worth more than his......

I think their sales tax is pretty stiff too

vartz04 · 06-12-2012, 09:39 AM

The duplex is different than what you guys are describing you just own half of it its just like a townhouse but you own the yard. Id own all 3 floors

Here is that one http://zillow.com/homedetails/99-Mea...54713425_zpid/

And here is the House

http://zillow.com/homedetails/110-Ga.../4725046_zpid/

Furnace and Hot water heater are 1 year old on the duplex. The mechanical stuff is located in the crawlspace of the house (gonna crawl in there when I go back with my dad to check it out in depth.)

JimVonBaden · 06-12-2012, 09:46 AM

Nice, I still like the SFH.

Jim

ajchien · 06-12-2012, 09:47 AM

house.

mayday0017 · 06-12-2012, 09:50 AM

Damn, my taxes are as much as his and around same value... (not a whole lot more)... Wonder if he is in Houston too...

06-12-2012, 06:06 AM	#3
Tjc Senior Member Join Date: Oct 2010 Location: where am i nj Posts: 537	Re: Which House would you pick? House 2! __________________ Keep flagging. Craigslist is perhaps the only place in America where your vote actually counts for something. http://www.tow411.net/ Bmx- fit team trail( too many parts) Trails: 24" Dyno/GT racing bars velo seat maxxis tires lockon grips racing bars full suspension Crusin'- Trek haro seat maxxis tires redline cranks mongoose grips wellgo pedals clipless If you do it, do it right

06-12-2012, 06:19 AM	#5
weems Junior Member Join Date: May 2011 Location: DeLand, FL Posts: 19	Re: Which House would you pick? Agreed on taxes be crazy! House 2, just because it's you and some land compared to the duplex.

06-12-2012, 06:31 AM	#6
BD1 Senior Member Join Date: Mar 2007 Location: Illinois Posts: 1,657	Re: Which House would you pick? Where you located ? How have house sales been going ? Throw a low price out there and see what happens. My choice, 2, as long as you can afford the taxes and it has a BASEMENT. Duplex is like apartment and I think harder to sell. I was lucky and never rented or had a duplex or townhouse.

06-12-2012, 07:06 AM	#7
mikeesracing Senior Member Join Date: Jul 2009 Location: Kuwait Posts: 300	Re: Which House would you pick? House #2, If at all possible you always want a home you can grow into. __________________ 2007 Dodge Ram 3500 Dually 5.9 CTD 4x4 2002 Chevrolet S-10 XR-2 4.3 Auto 4x4 (Wife's) 1988 Jeep Cherokee Chief 4.0 5sp 4x4 1970 AMC AMX 390 4sp 1966 Chevrolet K-20 454 5sp 4x4

06-12-2012, 07:09 AM	#8
SuperSocket Senior Member Join Date: Nov 2010 Location: Michigan Posts: 2,792	Re: Which House would you pick? Where do you live for such expensive places and high taxes?

06-12-2012, 05:33 AM	#1
vartz04 Senior Member Join Date: Feb 2009 Posts: 1,026	Which House would you pick? House 1 3 bedroom (1 in basement) 2 full bath duplex. First 2 floors are 1054 SF + a finished basement. Location knocks 10 minutes off of my drive to work. 1 car garage (11x19). Tiny Kitchen, No dishwasher, All appliances stay. Decent sized yard for a duplex. Price is $132,000, Taxes are $3047/year House 2 Estate sale, 2 bedroom 2 bath brick ranch on about 1/2 an acre. 1350 SF. 15x22 garage (giant one car?) With heat. Needs complete updateing but is in an area where the updated house would be easy to sell. Drive to work will stay the same essentially. I need to rip out the carpet and paint before we would move in and then The bathrooms need to be rehabed and the kitchen is usable but id want to do that within a year or so too. Price is $127,500 Taxes are $5640/year. I can do most of the work myself on this house (minus installing the new carpet) so its all just going to be materials costs. So do you go for the house and do the work or go to the move in ready duplex and suck it up for a while til you can sell and buy the house. Both are in good school districts. My gut tells me to buy the house even though it needs work as it seems to be more of an investment.

06-12-2012, 07:36 AM	#9
5lima30 Senior Member Join Date: Nov 2010 Location: Mountains of Western NC Posts: 2,396	Re: Which House would you pick? Probably #2, but seriously those property taxes are crazy! __________________ Retired Police Lieutenant, Retired USAF Res, Glock Armorer "I can do all things through Christ who strengthens me" Phil 4-13.

06-12-2012, 07:55 AM	#11
vartz04 Senior Member Join Date: Feb 2009 Posts: 1,026	Re: Which House would you pick? Kendall County, IL. About 1 hour SW of Chicago. Taxes suck here. My parents have a 3000 SF house on 2.5 Acres and they pay almost 10k. Taxes are a little high but the person owning it before had a senior exemption and was only paying $2400. I would attempt to fight the taxes once the next bill came out but Im stuck for the rest of this year. My parents had decent luck fighting the taxes on their house got it down about $2,000 (from 11,8XX to 9,6XX)

06-12-2012, 07:56 AM	#12
GirlnAgarage Senior Member Join Date: Jan 2011 Location: Texas Posts: 3,352	Re: Which House would you pick? House 2 assuming you're within the comfort zone of what it costs. Those taxes, WTH? __________________ I do all my own stunts My Garage: Reorganization, it's like a renovation

06-12-2012, 08:02 AM	#14
Kevin54 Senior Member Join Date: Jan 2005 Location: Ohio Posts: 14,507	Re: Which House would you pick? Pics man. We need pics. House #1 has a bedroom in a basement. That could be good or that could be bad depending on how everything is situated. If it doesn't have an egress then a basement is not a good idea. The upside, it is a duplex. Can the tenant pay most of your house payment? The downside, it is a duplex. How do you feel having someone living beside or above you? House #2. Upside is that you have some ground, larger garage, your own space without renters. Larger size in sq. footage. Would be easier to sell if updated according to you. Downside, having to put new carpet in and paint right off the get-go. Needs some remodeling. High taxes. What years are the homes? With the way the market is now, it is a buyers market. With #2 being an Estate Sale, you may be able to make a lowball offer and get it, depending on how fast they want it sold. Point out everything that needs to be done to make it ready and up to date. How old are the heating and cooling systems in both? You don't want to get either one then find out that you have to shell out thousands for new heating and cooling. How old are the roofs. Will they last a few years, or will they need replaced shortly. How is the landscaping? Is it up to date or is that something that will also need to be done to get that curb appeal? Snap a pic of both and post up if you can. It's hard to make a decision without seeing either one at least on the outside. __________________ Garage redo http://www.garagejournal.com/forum/s...eilings&page=3 http://www.garagejournal.com/forum/s...black+ceilings

06-12-2012, 08:46 AM	#15
ddawg16 Senior Member Join Date: Jul 2008 Location: S. California Posts: 9,452	Re: Which House would you pick? House #2....... FWIW.....my house is worth 3x what your paying for that and my taxes are a lot less....and I live in California... Side note....I was chating with a customer in Texas a few months ago....comparing house values, taxes and such.....Texas has no income tax...but he pays more in property taxes than I do in both property tax and income tax.....and my house is worth more than his...... __________________ John Never blame any day in your life. Good days give you happiness. Bad days give you an experience. Worse days give you a lesson. In Progress...2-Story Addition link 2-Story Garage Complete My Garage Build Link Home for..... 84 CJ7 - With a 'few' modifications.. My Jeep Build Link And my wife's art Studio... and 3 kids with more energy than we have...

06-12-2012, 09:39 AM	#17
vartz04 Senior Member Join Date: Feb 2009 Posts: 1,026	Re: Which House would you pick? The duplex is different than what you guys are describing you just own half of it its just like a townhouse but you own the yard. Id own all 3 floors Here is that one http://zillow.com/homedetails/99-Mea...54713425_zpid/ And here is the House http://zillow.com/homedetails/110-Ga.../4725046_zpid/ Furnace and Hot water heater are 1 year old on the duplex. The mechanical stuff is located in the crawlspace of the house (gonna crawl in there when I go back with my dad to check it out in depth.)

06-12-2012, 09:46 AM	#18
JimVonBaden Senior Member Join Date: Dec 2011 Location: Northern Virginia Posts: 5,048	Re: Which House would you pick? Nice, I still like the SFH. Jim __________________ www.jimvonbaden.com 20X20 The Slow Build

06-12-2012, 09:50 AM	#20
mayday0017 Senior Member Join Date: Oct 2010 Location: Houston Texas Posts: 1,115	Re: Which House would you pick? Damn, my taxes are as much as his and around same value... (not a whole lot more)... Wonder if he is in Houston too...

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