May. 1st, 2011 02:05 pm
mellowtigger: (Terry 2010)
[personal profile] mellowtigger
If I had money (or a husband with minimalist ideals like mine) I think I found a very good project this morning.  If it cost only the actual dollar values quoted below, I can actually afford it all right now with $400 left over afterwards in my bank account.  But then there are sale taxes, recurring property taxes, plumbing/electricity to install, etc.  :(

1) Buy this empty lot of 0.17 acres in Minneapolis, closer to where I work than I am now.  The auction starts at US$4000, but I'm sure prices will escalate quickly.

2a) Buy a prefab minimalist house, or
2b) Buy a used 20' shipping container for US$2400 then build it up with an exoskeleton shell (for extra insulation and improved appearance).

Afterwards, use the big ol' land space for gardening.  Sell excess food.  Sell seedlings in springtime to local residents for their own gardens.  I drove by the lot this morning.  It's a corner spot on Lyndale (busy avenue) and 24th.  Large and flat.  It would be great for growing food.

That's what I want.  *sigh*  I wish I had a clue how to make it happen.

I have minimalist ideals too. :o)

Date: 2011-05-06 07:38 am (UTC)
From: [personal profile] loganbeary
But building new in the Cities can be a real hassle with the code people. especially if you want to build alternatively. Now, find an existing house with land next to it, like here (although not as close to your work as the other lot):



Not so sure how thrilled I'd be with the railroad tracks right there (But Deano loves trains, and it's real close to the ball fields) And the idea of turning it back into a duplex is appealing, which would allow me to have a renter without having to actually live with them. No garage though, but could build something next to the house on the north side, maybe with a deck on top. :o)

Crunching the numbers:
Down Payment $18,725 (20% down)
Loan Amount: $56,174 (80% loan)
Purchase Price: $74,899 (what they are asking for is $64,900 for the house lot and $9,999 for the land lot)
Term (years): 30
Interest rate: 4.5%
Yearly Property Tax: $3,120.21
Yearly Property Insurance: $225

Principal And Interest: $284
Taxes and insurance: $279
Mortgage insurance: $0
Total Payment: $563

From the Hennepin County Property Tax records: (Which BTW consider both properties to be one)
Value and Tax Summary for Taxes Payable 2011
Values Established by Assessor as of January 2, 2010

Land Market: $45,400
Building Market: $107,600
Estimated Market Value: $153,000
Taxable Market Value: $153,000
Total Net Tax: $3,120.21
Total Special Assessments: $625.67
Total Tax: $3,745.88

Interesting that the house has been on the market since 1/5/2011, but the land has only been on the market since 2/4/2011 and they have dropped the price twice in April on the house. It was also on the market last summer when they re-paved Broadway judging from Google Streetview. Not a lot of curb appeal, but no public walk to shovel.


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