What is the Cheapest Real Estate You've Ever Purchased?

99 Replies

SFR in Cleveland Ohio

3 bed, 1 bath

Purchase price 15k

Ended up "all in" about 24k.

Rented out for $750

Was a Joint venture with another BP member!

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SFR in Denver, CO in 2008. 3/1/garage. 30K purchase (AVR 130K), $4900 repair, $955 rent. We used a HELOC, so only $500 out of pocket. Now rents at $1200. I wish we could Find 10 more like that!

Brandon, I think you should qualify your question with a time period. My parents bought homes in SoCal for twenty-something thousand dollars, but that was back in the 1970s. Inflation is significant.

The cheapest property my husband and I have bought is a $167,000 fourplex in Scottsdale AZ in 2011. GRM of 5.8.

The only SFR we've bought is the house we live in, and there's no such thing as "cheap" in Orange County CA.

$3,000 for a 2/1/1 in Springfield, Mo.

In the process of clean up, I listed it and sold it for $11,500 before we got to any rehab at all. The foundation was obviously leaning & a landlord bought it like that, rented it out without much repair (bad !!) and the foundation is still like that today.

So excited to answer this question! LOL

Rockledge FL - purchase for $8,000. Rehab of $20,000. Cash flowing at $750 per month.

Palm Bay FL - purchase of $7,000. Rehab of $13,000. Lived there rent free for 2 years; now it's cash flowing at $300 per month, will be adding another roommate so it will be cash flowing at $650 per month in June. :)

A former partner of mine bought a livable, albeit outdated, 3 bed 1 bath 1,100 sq ft house in our hometown of Huntington, West Virginia for $4000. This was back in 2010. An investor whom I used to shadow in the same town consistently purchased livable houses for $10-15k.

25K shortsale in philadelphia. 3 bedrooom SFR, will probably rent for around 750-770. total cost of repairs i estimate at under 1,000 (still evicting the last tenant). last purchase price was 37,500 in 2005 and i'm expecting to refi out over 100% of what i put back in.

My first property was a 3/1 bungalow for $13,500. The second was a $13,000 bungalow three streets over. We sold the first for $56k and the second for $86k. Both were in my favorite inner-ring suburb of Cleveland.

It helps to do business in a city that requires you to post funds in escrow for repairs -- it raises the barriers to entry and keeps the "fixer-upper guy" out of the running.

just closed on one 3 weeks ago for $14,700. I put some click together floor I had left over and I rent it out for $700. I closed on Tuesday and tenants were moving in on Saturday.

A 2/2 condo in FL in 2010 for $42K. Put in about $1200 and rented it for $925 for several years. Sold it 3 years later for $80K.

We bought another one in the same complex, slightly larger, for $45K in 2011. Put in about $1200 again to clean it up, and it's been rented to the same tenants for $950.

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Tough question for me. I get into lots of property cheaply, but that's not the same thing as the cheapest thing I ever bought. I once bought a residential vacant lot. Paid the seller $2K. Paid back taxes and closing costs and was all in at $6K. Sold for $55K a month later.

Bought an adorable 2/1 cabin style house with stone fireplace, large landscaped lot in rent-ready condition for $35K last year. In Santa Barbara County! But sold it a few months later. Have bought lots of small town desert houses in CA for under $20K.

Don't let anyone tell you CA doesn't have cheap properties. :)

Your markets are all expensive (LOL).

I bought a house for $1 in the Southside Chicago. It was a 4 bedroom house up for demolition. It was so bad the bank actually deeded the house back to the borrower after they foreclosed on it.

Sold it for $3,000 and I gave $2,500 to the seller because he needed to pay the water bill on it so he can get the deed to the new owner (because the city will not allow him to deed the house to a new owner unless he pays off the water bill). He was broke and he just joined our Acquisition Team so I decided to help him.

So technically, I bought it for $2,500...I guess. And yes...I only made $500 but I was able to help someone in the process and he is now an earning and loyal member of my real estate team. In fact, our closing 2 weeks ago that netted us $20,290.60 came from him.

Here's the picture of the property.

These are awesome and inspiring posts. Though I have yet to purchase an investment property (newbie) I've seen my fair share of bargain prices bavk home in Michigan. If I'm not mistaken, they currently have a revitalization prgram where you can buy distressed properties in prime areas of Detroit (Boston Edison, East English Village, ect) for very cheap, but there are stipulations about rehabbing and keeping the property for a ce

In the 1970's I bought liveable houses in Pitman NJ for $1000. or less. I think the cheapest one was $700. or $725. And I bought several in the middle teens. For $2000. you could buy a pretty nice one. <g>

In those days the rent was in the $200. range. The last one I sold about 10 or 12 years ago. I think I paid $2000. for it in 1976 or 1977 and sold it for about $75,000. after having rented it for the 20+ years. Very low maintenance costs. The last tenants were paying $725.

But that's really not a fair question without at least a decade stipulation. I bought those houses before some of the people here were even born. <g>

stephen

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$7000 for an REO. Did a wholesale flip to a buddy of mine for $11,000. He rehabbed it, and was all-in for 30 or less. He then did a retail sell to an o-o for 45 if I remember correctly.