You figure, in this kind of a market where buyers really have the upper hand, it's possible to believe that you could pick this house up for around 225K with some hard bargaining and a solid offer.
I pulled the tax records and it doesn't look like the owners even have a mortgage on the property anymore, which is good news for a buyer... because the mortgage amount becomes very important to the seller's motivation regarding how much they'll take for the property.
And even if you scooped it up for slightly more than that it would still be a great value. The sellers started out asking 325K then dropped the asking price by 60K and now that the home's been on the market for over 100 days, it feels like the sellers are getting anxious to sell it.
Like I said, it needs updating, but most of the projects are fun cosmetic ones.
There's eyeball-aching wallpaper lining the bedrooms and the kitchen, making the space look cramped and busy.
And in keeping with dated homes, there's only one bathroom. Also, that bathroom's walls are lined with multi-colored pastel tiling and there's a yellow toilet and sink.
The basement is a plus for sure...
It has a full basement. It's unfinished, but there are high ceilings and when I went around and touched all the walls down there, every part of it was completely dry even after recent rain.
With a finished basement, the value of the home would increase. Cha ching!
Another plus is the large oversized lot that the home sits on.
The backyard stretches out hellafar with mature maple trees sticking up allover. I'd chainsaw some of them down to bring in more sun back there then throw a deck up, maybe a pool and all of the sudden you have a whole park in your backyard.
I did a little hypothetical number crunching and if you bought it for a worst-case-scenario price of $240,000 the monthly mortgage payment would be about $1,630. (That's after 3.5% down which would be $8,400, and that figure includes property tax, PMI and homeowners insurance, with interest at 4.5%)
Not bad right?
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| Crestview Terrace home. It's got curb appeal! |
I usually don't like homes unless they're at least more than 100 years old but I visited this house recently and was impressed with it's hidden value.
I would totally buy this house, I was thinking.
It's solidly build, well-cared for and it sits on an oversized lot at the end of a cul-de-sac. It's listed for $259,900. VIEW THE LISTING
The only problem, is that it's ugly inside and it seriously needs updating. The good news is that a little cosmetic work would really go a long way in bringing up the value of this home.
You figure, in this kind of a market where buyers really have the upper hand, it's possible to believe that you could pick this house up for around 225K with some hard bargaining and a solid offer.
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| Are my eyeballs bleeding? |
And even if you scooped it up for slightly more than that it would still be a great value. The sellers started out asking 325K then dropped the asking price by 60K and now that the home's been on the market for over 100 days, it feels like the sellers are getting anxious to sell it.
Like I said, it needs updating, but most of the projects are fun cosmetic ones.
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| It's a nice, open sunny kitchen w/ room for an island... |
The big stuff is all in good order.
For example: The house is solid, dry, with no apparent major defects and it has a good roof, ship-shape wooden floors and a functional heating and cooling system.
Here's where it needs work: For example: The house is solid, dry, with no apparent major defects and it has a good roof, ship-shape wooden floors and a functional heating and cooling system.
There's eyeball-aching wallpaper lining the bedrooms and the kitchen, making the space look cramped and busy.
The dark wooden paneling in the dining room has to either be painted white or it has to go.
The kitchen needs new appliances, but the space is sunny and open. The fridge is olive green. I don't think I need to say more than that.
The kitchen needs new appliances, but the space is sunny and open. The fridge is olive green. I don't think I need to say more than that.
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| With a porcelain throne fit for a clown... |
The basement is a plus for sure...
It has a full basement. It's unfinished, but there are high ceilings and when I went around and touched all the walls down there, every part of it was completely dry even after recent rain.
With a finished basement, the value of the home would increase. Cha ching!
Another plus is the large oversized lot that the home sits on.
The backyard stretches out hellafar with mature maple trees sticking up allover. I'd chainsaw some of them down to bring in more sun back there then throw a deck up, maybe a pool and all of the sudden you have a whole park in your backyard.
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| That's a pretty radical-sized back yard. |
This is the kind of house I'd buy.
One that needs a little work but that's well worth the effort in value.
Not bad right?