Posted by Ken on February 03, 2002 at 08:25:03:
That’s about the conclusion I was coming to.
Why go with: sales price + improvements = market value"
Seems I should look for: "sales price + improv. + sweat equity= market value"
In other words, I want something for the hassle of rehabbing.
To show how far off I consider the hud price, another occupied house just came on the market relatively close. 4br/1.5 bath, with basement, trees, and much nicer neighborhood, not on major highway, $84,000.
Just can’t see how HUD came up with “as is” appraisal of $80K+ when it’s uninhabitable.
I’m obviously spending way too much time on this, think I’ll keep an eye on it and see if they become reasonable as they did with you $6K deal.