Comments say that an offer has already been accepted and not to show the property. [/quote]
So let’s just assume for argument’s sake that this POS sold for $200K (the bottom of the listing range). Looks like it needs at least $20K in work just judging from the outside and perhaps more. But let’s just use $20K for argument’s sake. So, whoever bought this thing is into it for at least $220K. What would it rent for? $1,500/month? Something like that? So they paid maybe 12.2x annual rent. That seems like a reasonable deal, but definitely not a steal. Am I missing something here?
I bought a foreclosure in September for 8.9x current rents (after including renovation costs). And I didn’t think THAT was a steal – just an o.k. deal where I was pretty sure I didn’t get raped.
Anyhow, maybe I’m missing something in the numbers on this one.
