Re: Rooming Houses, a bit more info - Posted by Jacob
Posted by Jacob on January 25, 1999 at 13:01:55:
Thanks to all three of you for your responses. I’ll shed a bit more light on this particular situation. This is a property in a part of town (Indianapolis) that is on a tremendous upswing. The house has been renovated from the ground up, and is beautiful. The seller has an MAI appraisal for $160k and is asking $109k. He needs cash. I know on the surface, this screams deal, with $51k in potential equity, the catch is that this house is by far the nicest on the block. I don’t see any way that this can rent for $1400-1600, or sell for anywhere near $160k. Not in this neighborhood, not now. I have a lender who is interested in possibly lending me $120k on the house, but I don’t want a money pit. Any more suggestions? Thanks again in advance.