Princeton House

I went Friday night to view a house in Princeton.  Nice house, good price, but way out there. North of Rockwall. The address is 1200 N. 6th Street.  It's a HUD home.  Asking price is $46,000.  My realtor says HUD automatically considers any offer that's 92% of it's asking price (this house is open to investors at this time).  I offered $42,320 (92%). The bid deadline was midnight Friday night. We had it in around 11pm.  We'll wait until Monday to see if my offer/bid won.  House needs foundation work.  And 6th street is a fairly busy road.  The house is not in a subdivision.  And it has a church two doors down and a commercial property around the corner.  But for a rental property I think it will get around $950 a month.  The numbers weren't exciting on this property, but they were right at the basics.  Around $400 a month cash flow and $0 out of pocket with a $15,000 rehab budget.  Of course no utilities turned on so I couldn't tell about water/gas/electricity.
We also looked at the house in McKinney on Kentucky.  I didn't like this house that much. Minor foundation, so no big deal. But the house had no garage...just a two car carport, with a hodge-podge shed in the back yard. And the ceiling was popcorn that had enamel sprayed over it.  If it had been regular popcorn, I could accept that.  But the enamel over it meant that I couldn't match it in areas where I had to redo the ceilings because of the foundation issues.  So that meant having to redo the entire ceiling in the house.  And the kitchen would need revamping.  The house was "uninsurable" but we couldn't really see why.  HUD stated plumbing issues.  We couldn't see any visible plumbing issues, but, again, we didn't have utilities on.  It's across the street from a nice subdivision, so we can't really pull comps from that neighborhood because it's newer and nicer.  I'm not too confident about this house.
I also have another realtor pulling some houses in Plano for me that I'll be reviewing this weekend.  If I get the chance I may go look at some of them this next week and see what they look like.