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Virginia Beach Homes For Rent

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RENT TO OWN HISTORIC HOME ID SUFFOLK, VA

$1,325.00

  • 4 beds
  • 1 baths
  • 1540 SqFt
  • Rent to Own Option Fee = $10K50 Deposit
423 Highland Ave
Suffolk, Virginia 23434-3719
United States
Tel: (757) 500-8247

Inquire Now







Property Description

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WOWZA - Put in some sweat equity and walk-into an amazing opportunity to live in a southern style historic home in Suffolk, Virginia. 1 bedroom and 1 full bath downstairs. 3 bedrooms plus a bonus room upstairs. Detached workshop/garage in the back yard, but cannot be accessed with a vehicle because of the high elevation of the yard. This fixer upper opportunity is perfect for someone who is handy and needs time to work on their credit in order to get a mortgage.
DISCLOSURE: We have been unable to confirm the true age of the home. The public records that list as 1754 are not accurate. That's what the city of Suffolk enters if the year is unknown. We guessed at 1900, but no one is sure.



RENT TO OWN DETAILS -
- Option Fee is $10,000 for the lot with the home on it. This will be paid in lieu of a rental deposit and is due in full upon lease and option agreement signing. An additional option fee of $2000 can be paid for the option to also purchase the adjacent lot with a shed. This will buy you a 3 year option to purchase the property.

- Option period and lease will = 3 years. At anytime during this period the tenant/optionee can exercise their right to purchase. Upon closing the lease will automatically terminate.

- Tenant/optionee will be responsible for all upgrades and repairs during the option period.

- Seller will give a $200 credit for every on-time rent payment towards the sales price, should tenant exercise their option. This will allow you to focus on fixing your credit and paying down debt and not have to worry about saving for the 3.5% down payment.

- Lease and sale will be as-is, owner to make no repairs.

- Sales Price = $206,000 for the lot with the home on it, and an add'l $40,000 if you want an option on the vacant lot.

LEASE REQUIREMENT - Lease will be for 3 years.

APPLICATION FEES ARE NOT REFUNDABLE. Please review the following criteria and terms carefully and only apply if you meet them. Because of the amount of time it takes our staff to review applications to ensure they are complete, application fees are not refundable. Completed applications can be transferred to another available property within 30 days by contacting our leasing agent at 757-773-7368.

QUALIFIED APPLICANTS WILL
-tHave verifiable, reliable gross income of at least 3 times the rent and net income of at least 2.5 times the rent (Exception HUD or VA VASH voucher holder)
-tHave no more than 2 occupants/bedroom
-tHave no more than 2 unrelated adults. (Relationship must be spouse, parent/child, sibling to qualify.)
-tNot owe any money to a previous landlord
-tNot have any recent evictions
-tNot have any unpaid utilities or car payments reported on the credit report or court records
-tNot have been convicted of any crimes against people or property in the last 7 years
-tNot have been convicted of any drug manufacturing or distribution charges in the last 7 years

APPLICATION INSTRUCTIONS (HOW TO APPLY):
Visit our company website at www.pmivirginia.com.
Click on Rentals and click on VIEW DETAILS for the property you want to apply for, then click on APPLY ONLINE.
Ensure that you have all the required documents handy (Log in info for all if your income deposit sources, your most recent 2 months paystub for all income sources, Government Issued IDs for all adults). Complete all the Required Information then Hit Submit,

Applicants will be required to complete an income verification with theclosingdocs.com. Failure to do so will result in an incomplete application. Go to your e-mail and find the e-signature that will walk you through signing and paying for the application.

UPON ACCEPTANCE Lease and option agreement must be signed, and option fee paid within 48 hours of acceptance. (See exception for SEC 8 voucher holders below.) A whole months rent will be due upon move-in. If lease begins after the first of the month, a prorated rent will be charged for the second month of the lease term.

MILITARY APPLICANTS Please upload a copy of your most current orders with your application. Your PRD must be at least 12 months after your lease start date.

SEC 8 APPLICANTS Please upload a copy of your voucher with your application. If the voucher indicates a bedroom # the same as the property you are applying for or more, we require you have monthly verifiable, reliable income of at least one times the rent. If your voucher indicates a bedroom # lower than the number of bedrooms you are applying for, we require you have monthly verifiable, reliable income of at least two times the rent. Property will remain on the market until a reservation fee equal to one times the rent is received, since HUD will not allow a lease to be signed until after the property passes inspection.

First Month's Rent due at Lease Execution / This posting is deemed reliable, but not guaranteed. Only listings at PMI Virginia's website is current.

APPLICATION TURNAROUND TIME: 2-3 business days depending on how quickly your references respond to our inquiries. Applications submitted on weekends or holidays will be considered submitted on the next business day. Applications will not be considered completed until the petscreening.com report is completed, and all adult applicants have completed the following: submitted all required documentation, signed the application, paid the application fee, completed the income verification with theclosingdocs.com.

ADDITIONAL FEES NOT INCLUDED IN RENT:nApplication Fee - $50 per Adult (+$5 processing fee if you pay on-line)nDeposit Minimum of one-month rent. Could be higher based on risk factors.nFilter Maintenance Program - $15/Month in homes with central air t

PMI Virginia
4605 Pembroke Lake Cir #101, Virginia Beach, VA 23455
Phone: (757) 466-8378
https://www.virginiabeachpropertymanagementinc.net/

Lot Size
4600
Year Built
1900
Floor(s)
2

Restrictions

Dogs
Ok
Cats
Ok
Smoking:
No Smoking

Lease Details

Date Available
10/22/2021

Area Information

Located Near
Downtown Suffolk

Parking

Parking Description:
Street Parking

Leasing Contact

Tenant Turner
PMI Virginia
Tel: (757) 500-8247

Kitchen

Refrigerator

Amenities

Fireplace