We have an offer on a 2 bedroom house 3 hours from Vancouver. It is in decrepit shape, and the owner wants $69,000, but he'll take $53,000. It is in the middle of a small town, and it has commercial zoning. Is this worth buying? There are two guys living there annd they are paying $500, but they respect the property. Need advice about residential zoned commercial and will I get a return?
The numbers indicate it will cash flow but long term lift would be questionable in a small town. I'm from Vancouver and can guess where you're talking about. It would also depend on if the town were growing and what could be developed in the future.
not sure about BC but in my area the city cant kick you out of your primary residence if the building is habitable and you are grandfathered in.
Most of the u.s. gives special consideration for peoples primary residence because its hard to justify kicking people out who have nowhere to go. I suspect you have similar laws that you might want to look into. if its ever vacant though it could be an issue