I'm getting ready to go look at a 1/1, 448 sq ft home on a double lot. The house sits way back by the alley, looks to be in pretty decent condition, has a great front yard with beautiful green grass all the way up to the sidewalk. Previous landlords personally took care of the grass as to not let it go to you know what. It does have a mold problem which I'm not sure how bad it is, although I have a hunch it's not all that bad.
My question: Is there any potential with a deal like this? Homes neighboring the property are $130,000 3/2's throughout the whole block. I believe this could rent for $600-$700 as-is. Is there any potential to me to wholesale this house? I'm not sure if a rehabber or builder would have any interest in adding on, or knocking down and building a bigger house, or a buy and hold investor... I know 1/1's are probably the worst condo investments, I'm sure houses aren't far behind but I wasn't sure if this is something I should pursue, even at the right price. Your input is appreciated.
It all depends on the price , what does a lot sell for in the neighborhood , at $ 20K its a steal , at 100K it isnt . It all depends on the numbers
Yea I'm going to meet with them this weekend @Matthew Paul . The zestimate for the home is $66,000. The lowest sale in the neighborhood for a similar lot was $37,000. I'm working it close to these numbers. I'd like to get it under contract for around $25-30. My buyers list is not that deep yet. I'm wondering who would be best to target as a buyer. Any thoughts?
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