40 Dexter St, Newport, RI 02840 9/18/09

I have been looking at a winter rentals for the last 3 weeks (September to May) for a 1 or 2 bedroom and I just cannot rent. I think the worst is over in the housing market...and Interest Rates are still around 5%...

Everyday, I check realtor.com, yahoo real estate, zillow.com and several other real estate websites including Craigslist for a house to BUY. I have also been working with a Realtor for about a month and a half. I just cannot afford any of the homes in Newport.

3 weeks ago, there was a Craigslist posting on for only 3-4 days. ...if you did not know, on Craigslist, you can be "anonymous" and the owners names is concealed and no phone number.

From Iphone

I drove by the property listed address and looked in the windows...could not find anything out about the house. No signs, no furniture inside. The owner never replied to my email on Craigslist to take a look at it. So, I assumed they took it off the market.



Monday, I rode past again on my scooter at lunch and old car was out in front and a retired guy was cutting the grass. I stopped and asked if he knew how I could get in touch with the owner. He said he was the owner and gave me a tour. I went back again today with my camera and walked through the house again.

Anyway, For Sale By Owner; 3 bedroom, 2 full baths, 1 car attached garage CAPE style house on a quiet street with a nice back yard. The house is right on the city line for Newport and Middletown (you can see it on the map link below.) Like Oakwood to Kettering comparison.


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It is impossible to get a 3 bedroom 2 bath home with a full basement and attached garage in Newport for under $500k. This home was built in 1950, it is approx 1,300 sq. ft. and all new 30 year shingles, brand new windows and siding on the entire house. However, the inside has not been updated since 1950! The owner's mom passed away in January and he inherited it. There is no mortgage on the home. He was not sure if he wanted to sell it. But he owns 2 other homes and does not want to cut the grass anymore.

You can see from the pictures, I need to put in a new kitchen, 2 baths, and refinish the floors, put a deck on the back... But, he ACCEPTED MY OFFER today of $205k! It was appraised in January for the estate settlement at $244k. Believe me, after looking for almost 3 years....this is a great DEAL!

Nothing else like it for this price and anything like this home listed by a Realtor in this price range is ONLY on the market a day or 2.

* So, no Real Estate Commission (SAVE $12,000) and I also get the $8,000 First Time Home buyer credit ( I have not owned a home for 3+ years)

There is a HUGE (maybe 5 acre lawn) to the left of the house owned by the school district. (it will never be developed) Across the street is an elementary school...but again a huge open space.
Very quiet area (Except for school kids when I am at work)...only about 2 miles from downtown Newport shops and restaurants. I had a Real Estate Attorney draw up the Purchase and Sales Agreement today. The SELLER can sign tomorrow or Friday.

This will be all interior remodeling which I love to do...and I get a HUGE BASEMENT to work on my Invention Stuff! But I CAN MOVE right in...and live there....most of the other FORECLOSURES I Looked at were trashed! This is clean, just needs updating.

Hopefully close by October 15th - Nov. 1st...
Will need to fly home one way, have a huge warehouse sale in the parking lot of my stuff on Friday and drive back with all my belongings...
Time to make it permanent.

Can you believe this MONTH has been 3 years since I first drove out for a week to make sure I wanted to move here? And I sold my house in February of 2006! Where does the time go?

KEEP YOUR FINGERS CROSSED FOR ME!

14 Sherman St.

MLS #948512

COLONIAL 2 FAMILY EASILY CONVERTED TO A SINGLE.MANY WONDERFUL DETAILS & IMPROVEMENTS.HARDWOODS,NEW HEATING SYSTEM & ROOF.UPDATED BATH/JACUZZI IN FIRST FLOOR UNIT,GREAT OWNER OCCUPIED.STONE GARAGE W/ GAS/ELEC & 1/2 BATH. SUBJECT TO LENDER APPROVAL.



Property Information for 14 Sherman St
Save Listing
Property Features
Multi-family Property
* Status: Active New
* County: Newport
* Subdivision: HISTORIC HILL
* 2 total unit(s)
* Year Built: 1850
* Complex features: 1 Building(s), 2 Level(s)
* Style: Up/Down
* Parking space(s): 3
* Parking features: Detached
* Heating features: Gas
* Forced air heat
* Central air conditioning
* Interior features may include: 2 Fireplace(s), 2 Heat System(s),Concrete, Full, Unfinished, Wall to Wall Carpet, Attic, Stairs, Common Laundry, In Building Laundry
* Inclusions: Dishwasher, Hood, Oven/Range, Refrigerator
* Exterior construction: Clapboard, Shingles
* Estimated gross income: $31200
* Unit 1 has 5 room(s)
* Unit 1 has 2 bedroom(s)
* Unit 1 has 1 bath(s)
* Unit 1 has 1 full bath(s)
* Unit 1 is renting for $ 1400
* Unit 2 has 5 room(s)
* Unit 2 has 3 bedroom(s)
* Unit 2 has 1 bath(s)
* Unit 2 has 1 full bath(s)
* Unit 2 is renting for $ 1200
* Tenant pays: Heating
* Community laundry facilities
* Lot features: Paved Driveway, Sidewalks, Walk To Water
* Lot is 3912 sq. ft.
* Utilities present: 100 Amps, Circuit Breaker, Common Meter, Sewer Connected, Water Connected
<<<CLICK HERE>>> to see this home on Realtor.com



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3 houses I am looking at today

26 Poplar A and B (short sale)

67 Annandale (2 family, not leased)

17 Clinton Ave. (3 units)