[quote=walterwhite]Here’s how I see it. If we take $200plus and offer it on this house and if by some miracle it were accepted, we’d have a house that based on the comps in the area I’m comfortable we could get appraised for 450 if it were all finished up and reasonably nice. I know the area well. Yeah, I could see that number coming down, way down, as I am heavily bearish. Also, interest rates could jump, and we might have the value plummet a hundred k or so and make it not possible to finance the place down the line for anywhere close to the value today[/quote]
scaredy, this is all the more reason why you should NOT invest $50-100K + “fix-up money” on ANYTHING less than a property in what was a formerly (3-5 yrs. ago) $1M + area.
You currently have a good rental rate. I would look only at acreages as you have been doing, even if they would take me FIVE YEARS to fix up properly!!