PM to My Aberdeen Guysm

pawz

https://www.redfin.com/WA/Aberdeen/818-E-1st-St-98520/home/14785856

What am I missing?

Tri-plex generates $1525/mo in rents. Allegedly it is being rented for under-market rents.

The payment on $200k is only $780/mo.

Seems like a good location? Corner lot close to Market street and the river.

I'm sure there is deferred maintenance coming due. But fuck, what's new for a home built pre-1900?


What gives?



@creepycoug

AtomicPiss

"The Deen"

AtomicPiss

Someone might have been murdered there

pawz

DerekJohnson said:

Someone might have been murdered there

As far as Washington State law is concerned, that is not a "material fact".

creepycoug

Finally an area of expertise for Creepy. @RaceBannon and @dflea will stand down on this one, even though they probably know.

First, that's right on "B" Street (clever name) my broseff. And right on the edge of the worst part of town (yes, there is a "worst"). Just east of there is a neighborhood on the way to North Aberdeen that is truly awful. Tahola awful (sorry @Swaye ). There are people there who smell like mushrooms and who want to hurt you.

A las, who you gonna rent to? That, right there, is my problem with Aberdeen rentals. Anybody who can't afford to buy a fucking house in Aberdeen has some serious limitations bromando. Serious. I wouldn't pay a dime over $100,000 for that house, and that would be a hard pill. The property itself is worthless. It's only about what you could pull in rent from someone on gov't assistance. No thanks.

Interestingly, there has been a known quantity of Seattle "investors" over the last several years who have bought Aberdeen properties for rental investment. I wonder what their experience has been.

One more funny story. If you do the streetview of that property, turn the camera 180 degrees you'll be heading "out the Wishkah". Precisely three blocks from that very location was where, 30+ years ago, I could be found carrying a passed out girl over my shoulders trying desperately to get off B street into the darker adjacent block before a cop came by. Someone's older brother came by with a flatbed pick up and took her and her girlfriends ... home I guess. A party gone awry. A distinct memory. Long story. Creep got into a bit of a bind over that one. We? still talk about it.

Sadly that whole area used to be solidly middle-working-class. Stewart Field is just down that road about 1/2 a mile.

Oh, one more thing @pawz ... being close to the river, any river, in Aberdeen is not a good thing ... at all. We didn't call them river rats for nothing.

Number1AtNumber2

Being close to the river might not just be about the rats. Is a prior flood claim a material fact?

YellowSnow

Number1AtNumber2 said:

Being close to the river might not just be about the rats. Is a prior flood claim a material fact?

Post more.

Number1AtNumber2

I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.

AtomicPiss

Number1AtNumber2 said:

I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.

If those walls could talk...

YellowSnow

Number1AtNumber2 said:

I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.

Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.

BleachedAnusDawg

If you want to become a rental property owner DO NOT DO IT IN WASHINGTON STATE.

AtomicPiss

YellowSnow said:

Number1AtNumber2 said:

I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.

Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.

#MeToo

pawz

Number1AtNumber2 said:

Being close to the river might not just be about the rats. Is a prior flood claim a material fact?

CONFIRMED.

pawz

creepycoug said:

Interestingly, there has been a known quantity of Seattle "investors" over the last several years who have bought Aberdeen properties for rental investment. I wonder what their experience has been.

The host of the BiggerPockets podcast has in fact crushed the 'Deen real estate scene.

I've posted about him before but am too lazy to go find it.

BiggerPockets.com is nails for all things RE investing.

Fishpo31

YellowSnow said:

Number1AtNumber2 said:

I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.

Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.

I have been fortunate for the most part. I have had an uncanny (so far) ability to “read” people and potential situations. Have had to “flex” a couple of tims when I smell trouble, and they usually toe the line...the wife is “good cop”, I am not...

AtomicPiss

Fishpo31 said:

YellowSnow said:

Number1AtNumber2 said:

I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.

Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.

I have been fortunate for the most part. I have had an uncanny (so far) ability to “read” people and potential situations. Have had to “flex” a couple of tims when I smell trouble, and they usually toe the line...the wife is “good cop”, I am not...

What would be your read on @PostGameOrangeSlices?

Fishpo31

@DerekJohnson: I'd need to look him in the eye, and then I'd probably shift my wallet to the front pocket...

Purple_Pills

pawz said:

https://www.redfin.com/WA/Aberdeen/818-E-1st-St-98520/home/14785856

What am I missing?

Tri-plex generates $1525/mo in rents. Allegedly it is being rented for under-market rents.

The payment on $200k is only $780/mo.

Seems like a good location? Corner lot close to Market street and the river.

I'm sure there is deferred maintenance coming due. But fuck, what's new for a home built pre-1900?


What gives?



@creepycoug

What’s the tsunami insurance rate for that sucker? It’s a big reason the flat parts of Aberdeen- Hoquiam seem like bargains on the real estate market but never sell.

Kaepsknee

Oregon just extended rent moratorium to Feb 2022. Anyone buying rental houses now is either Mother Teresa or a former Blockbuster executive.

godawgst

Kaepsknee said:

Oregon just extended rent moratorium to Feb 2022. Anyone buying rental houses now is either Mother Teresa or a former Blockbuster executive.

Have to give Kate Brown credit. In the Covid shutdown game, seeing her hang with Inslee was not surprising, being left of Newson from California takes some doing.

She also came out yesterday and said if the state would get to 70% Vaccination Rate, she would rollback most of the phases.

Every article I am reading says about 50% of the people have got the shot and we are stalling out there. Anyone who wanted a shot the last month could have gotten one with no issue or wait time.

Getting to 70% is going to be almost impossible.

Feb 2022 will almost be two full years for landlords to not get paid. #ouch

BleachedAnusDawg

And they have rent control in Oregon. It's a fool's errand to buy rentals in any way coast state. Go to Iowa or Nebraska or some place like that.