We recently ran across a large Victorian house that was foreclosed last month. We went through the house and concluded it would probably take $2K to renovate to where we can rent it out and $5K if we want to make it super nice. The house is in remarkably good shape. I'm a structural engineer and inspector, so I checked for hidden problems and couldn't find any. We did find a hate note from the previous owner saying she will haunt this place if anyone dare to buy it.
The house is only a mile away from a large university with 20-some thousand students.
I sent in an offer completely lowballing them. As is, the house is worth probably 10 times what we offered. We didn't expect them to actually accept our offer. We weren't really serious about it, but thought we'd try.
Holy cow, they came back accepting our offer. We're paying cash for it. The property with the price they accepted is a steal.
Before we signed the contract, we wanted to double check to see if there's something wrong with it. We went back there and thoroughly checked it again. Again, we couldn't find anything. We told our realtor about the note and the realtor representing the bank had someone remove the note right away.
This isn't our first rodeo. We have bought worse properties and rehabbed them.
Why do you think they're willing to let this property go for so little? I'm a structural engineer and an inspector so I know what to look for. I even climbed into places looking for problems. Nothing. We will make it into student housing.
The only thing we could think of is it's haunted?
I love haunted houses... Airbnb that sucker and 10X your profits.