About three months ago, I bought my second investment property in Las Vegas. A few days ago, a neighbor approached me to let me know that they were going to put their house for sale on the market in a few weeks.
I've been looking for an off-listed property opportunity for a while so this made me pretty happy. The price they are asking for is a bit delusional at this moment, so unless they are willing to bring it down to market value, it won't necessarily make sense.
The question, however, is, assuming they are willing to sell it for what it appraises for, I wouldn't necessarily call this a "deal", but, in your experience, are there advantages to have multiple properties on the same block that would essentially help me save/earn more money on this deal?
I should add that the house was built around the same time as the one I recently purchased, and all the rehab work that I've been doing on this one will be very similar to what needs to happen in this other house, which strikes me as an advantage.
I own 2 houses in the same neighborhood less than a block away. Although it is handy for them to be close, I have not found a reason that being a block away vs. a mile away would have much advantage as I don't typically go from one place to the other in the same trip, but if you were rehabbing both at the same time, there would definitely be an advantage.
Let the deals decide for you, not necessarily the location.