Halfway house next door - Posted by DaveG


#1

Posted by sandy fl on November 17, 1998 at 08:31:06:

Yep. You hit it dead on. (no pun intended)
If you buy this house, figure into your numbers some
extra payments for extra holding time, or sell it
creatively, because this fact will influence the sale.

Sandy


#2

Halfway house next door - Posted by DaveG

Posted by DaveG on November 16, 1998 at 22:04:26:

Hi all,
Am looking at a potentially very very very sweet deal.
An older victorian style in great shape, needs only
minor details to make it a doctors, lawyers type home.
Getting more involved and totally retoring the old
woodwork could
bring as much as 750k in the area (saw the comps).
Prop is an estate sale (dead attorney owned it clear)
and been on the market almost a year. Price started
at 136k (current appraised value) and has fallen to 99k.
The listing agent is a friend who says I could get it for
around 60 most likely.
The only prob is a halfway house next door. The house is
very nice looking, the whole neighborhood is upscale.
But I wondering if this is the reason the prop has not
sold yet. Anyone’s opinion is welcome.
Dave


#3

Re: Halfway house next door - Posted by Bud Branstetter

Posted by Bud Branstetter on November 18, 1998 at 12:17:04:

Did you consider buying the house next door as a way to get rid of the halfway house. Or finding them a new home at a lower rental rate.


#4

Re: Halfway house next door - Posted by Rob FL

Posted by Rob FL on November 17, 1998 at 21:50:44:

Do you really think you can raise the value of this property from 136K to 750K by doing a little rehab? Really think about that for a few minutes. Don’t you think if there was that kind of profit margin that you would NOT be able to buy it for less than half of the appraised value 136K to 60K? Remember location, location, location. Make sure the comps are really comps. A house next to a halfway house is probably much less valuable than the same house half a mile away.


#5

Re: Halfway house next door - Posted by mjs

Posted by mjs on November 17, 1998 at 11:34:38:

Someone had a similar house a few months back.
Had to sell it creatively
Attracted a lot of inquisitive people just looking
small town
But buyer had it for a long time.