I just closed with a buyer on this super bargain home. This was another exasperating HUD home experience. Look for a post soon with all the mind blowing details of the journey to close this house.
To show you the intrinsic value of this property here is some background history. The home sold in 2006 for $98,000. Then it went into foreclosure and it was listed for sale in August 2011 for $65,000. We viewed the property in October and the next day the sellers reduced the price to $58,500. We immediately placed an offer for $56,000 and our offer was accepted.
With 4 Beds 2 Bath and a 2 Car garage, the home retails for about $120,000 in the market place. Rents are estimated around $850-$900/mo. My clients plan to repair and rent the home for positive cash flow. Repairs are estimated at less than $10,000.
Congratulations to my buyers on an excellent purchase!
If you are in the market for a bargain investment property like this one, contact me today.
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