Is this deal too good to be true?

9 Replies

I found an off market property in the Decatur township area that needs full rehab but has apparently good bones. Asking price? 15k! Apparently the owner is extremely desperate to sell. Electrical lines were cut. Turns out there was a nasty divorce. Neighborhood scout ranked it a fairly low crime area with acceptable schools. Quick Zestimate shows 70k for its value and similar homes around it seem to say the same thing. The tax assessor has the home valued at 30k. Rents going at 750 a month. If I'm being conservative the rehabs will cost 35k. Is this too good to be true?

@Amy Aziz I'm an out of state investor, so I'm to get a hold of one of the realtors I'm in contact with there to go and check it out. I'm trying to find any reason why it could blow up in my face. 

@Amy Aziz yeah I agree. Although I was sent the pics and while it definitely looks trashed, I didn’t see any obvious signs of structural damage. I guess I’ll wait for a boots on the ground feedback and then all this is confirmed I’ll proceed with an contingency offer!

What’s so great about that lol these are a dime a dozen . In fact that doesn’t even sound like that a great a bargain . I’ve bought really nice 2 bedroom 2,000sq ft houses with front and rear deck and a big yard for 10k ready to rent

Originally posted by @Aseel Yerunkar :

@Amy Aziz yeah I agree. Although I was sent the pics and while it definitely looks trashed, I didn’t see any obvious signs of structural damage. I guess I’ll wait for a boots on the ground feedback and then all this is confirmed I’ll proceed with an contingency offer!

How did this turn out? Did you purchase?

 

@David Chappell Turns out it was indeed too good to be true. The entire foundation was sagging and the house would have had to been bulldozed. So I passed on that one! But no worries, ended up doing two successful out of state flips this year :)