We deemed the river-front property to be too impractical. There simply wasn't enough space in the house and we'd be miserable trying to live in it for an unspecified amount of time until we could expand, with no guarantees that we'd be able. You can't predict your financial situation as things change and emergencies occur. There's no shortage of river-front property on the market in Frankfort if/when we do have that financial capacity; there's no sense in trying to do it on a budget.
This left two houses, one downtown on Payne Street with a great view overlooking the city and another in an older neighborhood on Letcher Avenue in Thorn Hill. We didn't originally have Letcher on our list, beacuse we found it quite by accident while driving about. It's only been on the market for four days. After much talking and consideration, we decided the house on Payne Street was charming, but that it ultimately didn't have have what we needed in a home. If a great view/location was all that mattered, we'd be moving down by the river into that little concrete box.
So we went with Letcher Ave and it is a whooooole lotta house for the money, like whoa. Then we hit a snag. Because I'm self-employed, and have been for such a short period of time, they don't have a full tax year with which to determine my income. The best they could do was annualize my 8 months worth of self-employed income from last year, which needless to say... 8 / 12 looks really low. Otherwise my credit is good and I could certainly do this myself next spring after I file my taxes. While things are still a little precarious, it's looking more hopeful now that we've added Welf's income to the process, to make this happen now instead of waiting until next spring. We'll have a slightly higher interest rate, but I can always refinance the mortgage later if it's ridiculously high. We should have more certainty by tomorrow, enough to make an actual offer on the house.
Some of you are going to just die when I tell you this. The house's listing price? $74,900
Let's take a look shall we?
It's a 63 year old, 1 1/2-story home on a full basement with a detached garage. It's been well maintained and has been updated with vinyl siding and lots of fresh paint on the exterior. The lot isn't great and features a nasty old pool that'll have to be disposed of, but with a little work I think, we can make it quite charming.
The interior, though is where the value is. It's only listed as being 1200 square feet, but that's because the basement is unfinished. As you'll see shortly, it won't take much to finish it and easily give this house over 2000 square feet of living space.
The 1/2 story has been finished already, giving two "bonus" rooms that will eventually become a library/studio area for Welf.
The main floor living area has gorgeous hardwood floors, arched doorways, and some great light coming in through the side windows. There's a living room and formal dining room with a kitchen in the back. The color of the walls isn't very appealing but that's a quick and easy fix.
The kitchen is a little on the small-ish size, but I think won't present any real issues. There's lots of great, open counter space. It comes with zero appliances, but at this price who cares? I figure it just gives us an opportunity to furnish it with new appliances in a style and color that's agreeable to us.
On the other side of the house, there's a full bathroom in a small hallway.
It's flanked on either side by the two bedrooms: the master bedroom on the front of the house....
...and the second bedroom in the rear with the stairs leading to the second floor through the doorway in the back.
There's a lot of potential for neat things to do with this house. I'm so excited about it. I love those two porches. Across the street from the house is just a wooded lot and the back yard has huge trees along the back fence. There's a little artifical pond on the front corner of the house that's tiered to create a waterfall. Hopefully this little glitch in the financing won't keep us from getting into this. Our real estate agent told me this afternoon that all offers must come with pre-approval and $1000 good faith cash before a contract will be accepted by the seller. It's going to take the next couple of days to get the financing sorted through and a letter of pre-approval in-hand. I just hope that another offer isn't made by someone else in that time. I think this house would be perfect for Welf and me.