“ALMOST” New Homes - Potential? - Posted by Carmen
Posted by Carmen on January 13, 1999 at 22:22:57:
I bought a brand new home last year in a brand new community. In the past year, I’ve noticed several homes going up for sale - and staying for sale (the builder offered easy terms with balloons, and low downs; some probably couldn’t afford to stay in once they got it; others must have had their own reasons to move). This is a good neighborhood, gated, pools, lakes, clubhouse, close to schools, shopping, etc. across the street from a much more upscale (read expensive) neighborhood.
Looking at these with “new” investor eyes, my question is, is there anything worthwhile that an investor could do with these homes? Average cost of a home a year ago was $130,000. Hasn’t gone up much yet, but surrounded by more expensive homes and new communities going up all around. Rents for these types of homes would be at about $1,300-$1,500/month (3 bedrooms).
Just fishing - any ideas?