I haven’t done any type of mathematical analysis on this property, but I could sleep at night if I bought this property for $350,000.
That seems reasonable to me considering the neighborhood, condition/age of the house, and the way the market is heading.
If that house was in Minnesota, I would make an offer of $130,000 to $150,000. Based on that logic, is the premium to live in San Diego $500,000 (since the listed price is $640,000)??
From a lay person’s prospective, it seems like a big deal to me that the house is currently empty, and has been for some time. Obviously, someone is carrying the property, but they don’t have the luxury to take it off the market and continue to live in it while they wait for better times.
