Rookie alert! There is a duplex on a good street in a good neighborhood we are interested in purchasing. Although the house is on a street with many well-kept homes, it is next door to a less than well-kept home and 2 doors down from a condemned semi (fire damage, the town hasn't made efforts to remediate). Would you automatically steer clear of this type of property? Would being next to a condemned property significantly impact rental potential? Any input would be much appreciated!
Hi Tina! Well, if it's in a good area, you would think the condemned home would eventually be fixed. How long has it been since the fire? Also, would you be willing to live in the duplex knowing that the house down the street is in shambles?
If your duplex has curb appeal, and others in the area take pride in their neighborhood, you could look at the condemned house as an abberation that will eventually be fixed. The question is, are you and your tenants willing to wait for that to happen?
Jordan Thibodeau, Check Out My BP Blog | https://www.biggerpockets.com/renewsblog/author/jordanthibodeau/ | Podcast Guest on Show #74
I would love it would be the best or worst deal couple of things!!
- Do the "problem areas" look like they will be cleaned up Spi?
- Is the house severely depressed because of these "eye sores".
If this house is severely depressed because of the eye sores, which will be gone sooner than later than yes I would buy it. If the house has no discount for the neighborly issues AND you FORSEE this issue for awhile. I would stay away!
What a "semi" in this context?
Jon Holdman, Flying Phoenix LLC
@Jordan Thibodeau , there was fire damage to one half about 5 years ago. I actually live on the other end of the street where the property of interest is, and last year one of the neighbors circulated a petition to the town to have the condemned property torn down. So far, I've heard no progress on that front. That being said, the rest of the road is well maintained, and if I were renting, I would be willing to rent here. It sounds like there may be some value to me getting more info on the condemned property itself to see when some progress might be made there.
Elizabeth Colegrove , I'm having a hard time gauging why the discounted price. I do know the live-in landlord is a realtor and purchased the house for less than the current asking price. I don't know his reason for selling just yet, though. I'm looking at the property tomorrow, so hopefully I'll get some of these answers!
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