Anyone familiar with the Redgranite, WI area?

Question

Have a potential deal I am evaluating in Redgranite. From the research I have done I know it's a very small area so DOM can be high, but from the realtor I spoke with if the house is priced right they can move quickly.

Looking to see if anyone knows this area and has any feedback.

Based on the information I have there's about a $30k spread between purchase price (not including repairs) and FMV.

Thanks for any input.

Eric Black · Answer

@Steve Foth Thanks for the info. I love City-Data.com! I honestly didn't look though because I didn't think they had data on cities that small. Good to know!

Yes, I am concerned with the small size and the high DOM average. I think there's potential money to be made but also potential for big losses if I have to hold the property for long.

Thanks for your input.

Steve Foth · Answer

@Eric Black I've been there quite a few times.  It is too far from the Fox Valley area to attract many higher wage earners.  This would probably concern me if I were you, but on the positive side, it HAS grown 105% since 2000.  There should be higher demand?  City-data also shows only about 20 homes sold in the first 6 months of 2013.

Population in 2012: 2,140 (0% urban, 100% rural). Population change since 2000: +105.8%

Males: 1,557

Females: 583

Estimated median household income in 2011: $26,779 (it was $26,726 in 2000)

Estimated per capita income in 2011: $12,006
	
	Read more: http://www.city-data.com/city/Redgranite-Wisconsin.html#ixzz2nrQLRmG
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Eric Black · Answer

Thanks Dawn. I figured my chances were slim because I knew it was extremely small but BP hasn't failed me yet so I had to try.

Dawn Anastasi · Answer

Redgranite is very small, like 2000 people.  Unfortunately I don't know anything about this area.