I have been doing the roommate thing since about October, and for various personal and professional reasons, it's time for me to move on. I have started to house hunt, and on Friday, I viewed a place that I think has potential for me.
It is farther from work than where I currently live, but as I work in a secure area, the closest I could conceivably live is 8 miles away, and that is in an extremely expensive neighborhood, where rent begins at about $700 a month for a one bedroom place. I currently live about 10 miles away, and I got a very good deal for my area, but I only get one room for $500 a month. new place is about 13ish miles away.
The house itself is advertised at $95k for 1900 sq ft. It will almost certainly need roof work right off the bat, and possibly a new AC and water heater. I am pretty sure that it's in my capabilities to get these problems dealt with at low costs and in short order, whether it's by doing it myself, tapping experienced friends, using youtube videos, or, in a worst case scenario, finding a decent contractor. If I close at $90k, my monthly payments will be extremely low, something like $400 a month.
I am pretty sure that I can find a roommate of my own choosing who would gladly pay $400-500 a month plus their share of the utilities.
Furthermore, the property is in a pretty decent neighborhood. With some work--landscaping, caulking, painting, washing, etc, I am pretty sure that this place could be sold for $150k+. It could certainly be rented out for $1500 a month if I decide to leave for any reason.
Overall, I am strongly leaning towards getting this place. It's one of the best deals I've seen in a long time, it's quite large, the price is right, it's in pretty good condition, and it'd be easy for me to find a roommate from work who would pay down my mortgage. I have already approached a guy who lives much farther away from work, and pays $700 for his room, and he seemed pretty interested in the idea.
What do you think of my plans? Are there any pitfalls I am missing? What should I be cautious about?
Thanks in advance, Mustachians.