This is my first post as I've recently become introduced and (obsessed with) FIRE. (Thanks Mr. Money!) I live in a HCOL - Seattle. Most of my colleagues envy my $1300/month 1BR only 6 miles away from downtown and I've always thought I was living frugally. I saved 50k last year without really trying so now I'm thinking...how much could I really save??
That being said, I have the opportunity to move into a house a block away. Rent will range from $1800-2000 for 3 BR. The place is heated by a furnace, a fireplace, and a few electric heaters in the wall. I have no idea what to anticipate for utility expense or how quickly I could get roommates in the house so that could be a hit financially.
The biggest thing is the house itself. It's quite old with zero rehabilitation. One window is broken, a few are cracked, the gutters are blocked, there's a leak in the roof, a backdoor with just two hinged locks to keep people out (and it's a pathetic excuse for a door), it looks like some insulation has been done with hay (literally) and there's mold in quite a few places. The third BR is in the basement and dingy, with a slanted floor. I didn't inspect the house a ton because I didn't want to be rude but I imagine there are a few more things wrong. Unless it's a big problem, the landlord made it clear he won't be fixing much. He'll work on the leaky roof and he'll fix the furnace but if the water goes out? Or it's not hot? Or a window is broken into? Nada. He intends to sell it this year or next (it's probably worth 700k without any rehab).
I guess I'm wondering if anyone can help me weigh in on this decision and the value of the savings I'd make over the course of a year or two. It would be around $500/mo at least in savings. But I've never lived in such rough conditions and I'm intimidated by the work it may involve. I'm not a handy person but I'm willing to learn. I just usually break more before fixing things. And I don't know if I can do the poor housing conditions -- or is that just normal for a lot of America and I've been sheltered/spoiled? Is $500 /mo a good trade off for everything in a house being reliable?
Also, if I need to provide stats...I'm single, 27 and I work in sales so my income fluctuates. Base is 60k, I made 70k in commission last year (grand total of 130k), 35k in 401k, 100k in the bank (working on investing this over the next 6 months). Last year my expenses were around 33k.