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This large colonial revival is situated in an established older neighborhood in Mount Vernon, Westchester County, NY, which is a very desirable location in the NYC metro area. Listed for $474,900, this house can be had for less 70% of its 2005 sale price of $680,000 (6/23/2005). Zillow.com estimates that this house is now worth $606,500.
This property is in an owner-occupied area, and it seems unlikely that it could be rented for an amount sufficient to cover the mortgage and other costs. However, this REO will be a great opportunity for an owner-occupant who commutes to the city, as there is easy train access from this location. This is a charming house in a great location, so check it out if you’re looking for a house in this price range --- it is an excellent value.
The basics...
Address: 11 Parkway Circle, Mount Vernon, NY 10552
Current Listing Price: $474,900
PREVIOUS Sale Price: $680,000 (6/23/2005)
Size: 5 Bedrooms, 3 Bathrooms; 2,800 square feet
Lot: .15 acres
http://www.realtor.com/realestate/mount-vernon-ny-10552-1101713422/
As far as the rust belt goes, Pittsburgh is actually doing better than many of its counterpart cities… REO fever is spreading, but it has not swallowed up whole swaths of the city like it has in other places. This handsome four-square colonial revival in the Brighton Heights area of Pittsburgh is listed for $49,900. This house was purchased three years ago for $79,900 (5/25/2005), and Zillow.com now estimates its value at $108,000, which actually seems reasonable (unlike many recent Zillow valuations).
This REO is situated on a nice street in a nice neighborhood, and will likely require just a minor makeover renovation ($5,000 +/-) to make it really shine. This house could be rented for $700 to $800 per month, easily covering the mortgage and other expenses and providing a small positive monthly cash flow to an investor. Or, alternately, this house could be a great opportunity for an owner-occupant who wants to be close to downtown.
The basics...
Address: 2052 Termon Avenue, Pittsburgh, PA 15212
Current Listing Price: $49,900
PREVIOUS Sale Price: $79,900 (5/25/2005)
Size: 3 Bedrooms, 1 Bathroom; 1,800 square feet
Lot: .10 acres
http://www.realtor.com/realestate/pittsburgh-pa-15212-1099784587/
The Inland Empire area of California, which includes Riverside and San Bernardino, has been one of the fastest growing parts of the US in recent years. The recent REO fever, however, has slowed growth/construction and is majorly affecting sales of existing real estate too. This huge house in a relatively upscale Fontana subdivision was built only 3 years ago, and is listed for $452,900. At less than $110 per square foot, this house is actually cheaper than the cost of construction. The foreclosee paid $622,000 for this house when it was brand new (12/22/2005), and Zillow.com now estimates that it is worth just $483,000.
With just a fresh coat of paint and some landscaping updates, this house will be a fantastic residence for a large family. It could likely be rented for about $2,500 to $3,200 per month, which would allow an investor to just about break even, as long as no unexpected expenses arise. Alternately, this REO provides a good opportunity for a homeowner to get into a large house at a good price while the market is down.
The basics...
Address: 10831 Saffron Street, Fontana, CA 92337
Current Listing Price: $452,900
PREVIOUS Sale Price: $622,000 (12/22/2005)
Size: 5 Bedrooms, 3.5 Bathrooms; 4,209 square feet
Lot: .23 acres
http://www.realtor.com/realestate/fontana-ca-92337-1099644208/ 
St. Louis, effectively the western annex of the Great Lakes’ area Rust Belt, is coming down with REO fever nearly as fast as Cleveland and Detroit. This classic brick St. Louis bungalow is listed for just $9,900, a small fraction of $87,500, what its previous owner paid less than two years ago (11/30/2006). Zillow.com estimates that this house is currently valued at $81,500 (which seems like quite a stretch in this market).
With a basic light rehab costing $5,000 to $10,000, this house could make a great rental property. A 2-bedroom house in this north side neighborhood could be rented for between $600 and $700 per month, so it would totally pay for itself, including all rehab costs, in about 3 years. Properties priced this low are great opportunities for beginning investors to get into the market. If you’re looking for an entry-level cash investment in St. Louis, be sure to check out this REO.
The basics...
Address: 5920 Lucille Avenue, St. Louis, MO 63136
Current Listing Price: $9,900
PREVIOUS Sale Price: $87,500 (11/30/2006)
Size: 2 Bedrooms, 1 Bathroom; 1,075 square feet
Lot: .10 acres
http://www.realtor.com/realestate/st+louis-mo-63136-1099693617/
This cute Milwaukee bungalow is listed for $19,900, less than a fifth of its Zillow.com estimated value of $108,000. The house is situated on the northwest side of Milwaukee in a tidy residential neighborhood. The foreclosee here paid $54,000 for this house several years ago (9/17/2001).
This REO appears to be in decent condition overall, and will likely just need some basic cosmetic and finish work costing about $3,000 to $5,000. This could be a great opportunity for an owner-occupant to own a house for far cheaper than the cost of renting one, or it could be a good investment opportunity. This house could be rented for $650 to $850 per month, delivering outstanding cashflow. If you’re in the area and looking for a decent deal, check out this place.
The basics...
Address: 4863 N 49th Street, Milwaukee, WI 53218
Current Listing Price: $19,900
PREVIOUS Sale Price: $54,000 (9/17/2001)
Size: 3 Bedrooms, 1 Bathroom; 1,080 square feet
Lot: .14 acres
http://www.realtor.com/realestate/milwaukee-wi-53218-1098753654/
This charming Oakland bungalow is situated on the east side and is listed for only $104,900. Tons of original detail remains in this house, built in 1917. Zillow.com estimates that this house is worth $261,000. The previous owner paid $142,500 for this house two years ago (7/25/2006); at that price, it is likely that the transaction was an arm’s length transaction, such as a transaction between relatives (in 2006 a house like this would have easily sold for over $400k).
In the strong Bay Area economy, this REO poses an amazing opportunity for a first-time homebuyer or an investor. With some minor updating (probably about $5,000), this house will be ready for occupancy. This is a clean, well-maintained block, and the house could be rented for $1,000 to $1,200 per month, covering the mortgage and other expenses. This house is available at its late 1990s price, so it is definitely worth a look for any Northern California REO shopper.
The basics...
Address: 5416 Wadean Place, Oakland, CA 94601
Current Listing Price: $104,900
PREVIOUS Sale Price: $142,500 (7/25/2006)
Size: 2 Bedrooms, 1 Bathrooms; 886 square feet
Lot: .07 acres
http://www.realtor.com/realestate/oakland-ca-94601-1101036748/ 
This spacious Cleveland colonial revival, only a 5 minute walk to the shore of Lake Erie, was built in the late 1990s and is listed for $60,600. Although the Euclid Beach area of the North Collinwood neighborhood is a bit rougher here than a mile further east, it is not horrible, and could be a decent place for either an owner-occupant or investor. The last owner paid $165,000 for this house (2/18/2004) and Zillow.com now estimates that it is worth $160,500.
In addition to being close to the lake, this house is only a short drive to downtown Cleveland. A house like this could easily rent for $800 or more, easily covering the mortgage and delivering positive cash flow for an investor. This REO will need some work, likely costing $5,000 to $10,000, but the fact that it is a newer house makes it pretty desirable in this area.
The basics...
Address: 16012 Damon Avenue, Cleveland, OH 44110
Current Listing Price: $60,600
PREVIOUS Sale Price: $165,000 (2/18/2004)
Size: 3 Bedrooms, 2.5 Bathrooms; 1,460 square feet
Lot: .11 acres
http://www.realtor.com/realestate/cleveland-oh-44110-1101508258/
This two-story contemporary house in Denver is situated in a well-maintained development of similar late 1990s houses, and is now listed for $121,900. The previous owner paid $195,000 for this house (9/16/2004), and Zillow.com now estimates that it is worth $166,000.
This REO, unlike some, is in great condition and needs little or no work prior to occupancy. It could be a great starter house for an owner-occupant. Alternately, it could be a good investment property, bringing in $1,300 to $1,500 per month, easily covering the mortgage and other expenses while delivering positive cash flow. For a buyer who is looking for a newer house at a great price, check out this one.
The basics...
Address: 21428 East 41st Place, Denver, CO 80249
Current Listing Price: $121,900
PREVIOUS Sale Price: $195,000 (9/16/2004)
Size: 3 Bedrooms, 3 Bathrooms; 1,400 square feet
Lot: .10 acres
http://www.realtor.com/realestate/denver-co-80249-1100673793/
This attractive townhouse in the Thousands Oaks condo-minium complex in Riviera Beach is only four years old and is listed for $113,900. The unlucky foreclosee paid $305,000 for this condo at the peak of the bubble (5/31/2006). Zillow.com estimates that this condo is now worth $209,000… almost twice the current listing price. The complex has great amenities and is convenient to I-95, the major east coast highway.
For a first-time buyer, this REO presents an amazing opportunity to become a homeowner with a payment at or below the cost of renting. For an investor, this townhouse could be rented for about $1,200 to $1,300 per month, easily covering the monthly mortgage and other expenses. This REO needs minimal work to be ready for its next occupant -- basic paint and finish work for a few thousand dollars will have this condo looking good as new. Riviera Beach, less than an hour drive north of Fort Lauderdale, is a hot destination for snow birds and retirees alike, and will likely prove to be a good choice for long-term real estate investment.
The basics...
Address: 2045 Oakhurst Way, Riviera Beach, FL 33404
Current Listing Price: $113,900
PREVIOUS Sale Price: $305,000 (5/31/2006)
Size: 3 Bedrooms, 2 Bathrooms; 2,203 square feet
http://www.realtor.com/realestate/riviera+beach-fl-33404-1100304278/
To look at the dramatic price swings in the Providence real estate market, one might guess it’s a city in California rather than New England. This classic Providence three-level triplex is listed for $103,900, or about 40% of its last sale price of $262,500 (5/12/2006). Zillow.com estimates that this REO is currently worth $241,500.
With some basic renovation work, likely costing about $10,000 to $15,000, this triplex could be a great income producer for an investor, or it could be an excellent opportunity for an owner-occupant to live for free while tenants in the other two units pay the mortgage. Each 2-bedroom unit in the Mount Pleasant neighborhood can be expected to rent for $650 to $850 per month. That means that this place, fully leased, would generate about $2,000 per month or more. For a great ROI opportunity, check out this REO.
The basics...
Address: 46/48 Harvest Street, Providence, RI 02908
Current Listing Price: $103,900
PREVIOUS Sale Price: $262,500 (5/12/2006)
Size: 6 Bedrooms, 3 Bathrooms; 2,407 square feet
Lot: .08 acres
http://www.realtor.com/realestate/providence-ri-02908-1099677553/
This fully detached 3-bedroom Richmond house is very convenient to downtown and is listed for just $120,900. The foreclosee paid $191,000 for this house less than two years ago (12/2/2006), and Zillow.com estimates that it is worth $257,000 --- more than two times its current listing price. Situated in one of the better real estate markets in the US, Richmond is seeing very little or no decline in value in most areas, and the local economy is good.
With some basic sprucing up, this could be a great house. This house could be rented for about $1,500 per month, easily covering expenses and a generating a small positive cashflow. This house is worth a look for anyone looking to invest in the region or become an owner-occupant in an area with a strong economic outlook.
The basics...
Address: 2025 Idlewood Avenue, Richmond, VA 23220
Current Listing Price: $120,900
PREVIOUS Sale Price: $191,000 (12/5/2006)
Size: 3 Bedrooms, 1.5 Bathrooms; 1,962 square feet
Lot: .08 acres
http://www.realtor.com/realestate/richmond-va-23220-1101113389/
This big duplex in the desirable Olde Towne East neighbor-hood of Columbus is listed for $9,900. Just a block away from Franklin Park, this REO is in a location that makes it a great place for an investor or owner-occupant. The last owner paid $84,000 for it several years ago (5/22/2002), and Zillow.com estimates this duplex to be worth $160,000 currently (yes, its current listing price is about 6% of its Zestimate).
This duplex will require some thorough renovation work, likely costing $30,000 to $40,000. Even with this expense, this place could prove to be a great long-term investment. The Olde Towne East neighborhood is one of the most up-and-coming neighborhoods in Columbus, and Columbus has a strong economy despite the fact that it’s in a state with a particularly troubled economy. Each unit of this duplex could be rented for $550 to $700 per month after renovation, delivering fantastic cash flow potential. A property like this is perfect for a beginning investor --- after paying cash for a property like this, a new investor can work on the property at his or her own pace, one unit at a time until both units are fully renovated and rented. This one is a hot buy and is worth a look for anyone in this region.
The basics...
Address: 1527/1529 Oak Street, Columbus, OH 43205
Current Listing Price: $9,900
PREVIOUS Sale Price: $84,000 (5/22/2002)
Size: 4 Bedrooms, 2 Bathrooms; 2,254 square feet (total for 2 units)
Lot: .13 acres
http://www.realtor.com/realestate/columbus-oh-43205-1094641723/
Sacramento has certainly seen its share of wild ups and downs in the real estate market. In this major downswing, we’re seeing REO properties selling for prices not seen for 10-15 years in this area. This 3-bedroom townhouse condominium is listed for $49,000, more than 60% lower than its current Zillow.com estimated value of $136,500. The foreclosee paid $175,000 for this place about two and a half years ago (11/30/2005). At its peak value a few years ago, Zillow.com estimated this place at a whopping $239,000.
This condo is not in the greatest neighborhood, but it could be a fantastic rental property for an investor looking for cash flow. A few minor repairs and cosmetic updates will be required, with a likely cost of about $3,000 to $5,000. This townhouse could be rented for $1,000 per month… with a total monthly payment of under $700 (mortgage, taxes, HOA), this investment would generate a decent cash flow as long as it is occupied steadily. Now is the chance for a beginning investor to get into the market – once REO fever has passed it will likely be difficult to break into the market once again; check out this property if you’re in the Sacramento area and ready to start investing in rental properties.
The basics...
Address: 66 Creeks Edge Way, Sacramento, CA 95823
Current Listing Price: $49,000
PREVIOUS Sale Price: $175,000 (11/30/2005)
Size: 3 Bedrooms, 1.5 Bathrooms; 1,323 square feet
http://www.realtor.com/realestate/sacramento-ca-95823-1100571391/
Although it’s less common here than on the coasts, the southwest, and the rust belt, REO fever is, in fact, hitting the heartland too. This old (ca. 1870) 3-bedroom bungalow on the near-east side of Des Moines is listed for $29,900 --- less than half of its previous sale price of $61,500 (2/8/2005). Zillow.com estimates that this house is now worth $75,000.
The house needs some work, but could be a good starter house or investment property. For about $10,000 to $15,000 of basic work, this house could really shine, and could be rented for $700 to $900 per month, easily delivering substantial positive cash flow, even after renovation work expenses are considered.
The basics...
Address: 913 East Washington Avenue, Des Moines, IA 50316
Current Listing Price: $29,900
PREVIOUS Sale Price: $61,500 (2/8/2005)
Size: 3 Bedrooms, 1 Bathroom; 912 square feet
Lot: .09 acres
http://www.realtor.com/realestate/des+moines-ia-50316-1099354129/
This cozy ranch on the San Francisco Peninsula is listed for just $294,900. This is one of the lowest priced properties in Redwood City, and offers a great opportunity to be located close to San Francisco and the Silicon Valley/San Jose. Most of the Redwood City houses priced lower than this are either in very poor condition or have location issues (ie they face the CalTrain tracks). The previous owner paid $539,000 for this house around the peak of the real estate rush (7/27/2005), and Zillow.com now estimates that this house is worth $489,500 (down almost $100k from its peak 2006 value estimate).
Though this REO will need some updating and cosmetic work prior to occupancy, it looks like a decent house, and the new owner can probably get it into pretty good shape for $10,000 or less… new carpet/paint, landscaping, and a few repairs should do the trick. This house could be rented for about $2,000 per month, or could be a great opportunity for an owner-occupant. This, like most REOs in the Bay Area, seems like a strong investment for a buyer who can wait out the current slump. As people continue to migrate to the Bay Area, property values will continue to climb in the long run, and demand for housing in the more desirable areas (like the Peninsula) will be strong. This one is definitely worth a look.
The basics...
Address: 554 Stanford Avenue, Redwood City, CA 94063
Current Listing Price: $294,900
PREVIOUS Sale Price: $539,000 (7/27/2005)
Size: 2 Bedrooms, 1 Bathroom; 760 square feet
Lot: .06 acres
http://www.realtor.com/realestate/redwood+city-ca-94063-1101248467/
Las Vegas was probably the epicenter of recent years’ speculative residential building and investing. Not surprisingly, lots of newer houses (5 years old or younger) are on the REO lists now. This 2-bedroom Spanish Colonial Revival (yes, calling it that is a bit of a stretch, but it does have two stories and has a stucco exterior so it kind of fits the bill) in a 2004 development is now listed for $99,900; that’s less than half of its previous selling price of $225,000 (10/11/2005). Zillow.com estimates this house to be worth $185,500. This house, like those in so many of the recently developed tracts of the city, sits on a tiny lot; unlike many newer houses in this type of development, however, it has a 2-car garage (big selling point in a city where the sun can turn a car into an oven on wheels).
This REO is in overall good shape, and would need just minor cosmetic updating before moving in or renting the house to a new tenant. $2,500 to $5,000 would cover the cost of new carpeting, paint, and general cleaning. The house could rent for $1,000 per month, give or take a little, which would easily cover the mortgage and possibly even provide positive cash flow (especially if the buyer manages it himself). There are a lot of rental properties on the market presently, but vacancies do get filled in this city, largely because so many people are rejoining the ranks of renters as they face foreclosure (or just walk away from their houses because they’re so far upside-down). This house could be a great opportunity for an owner-occupant or investor who is willing to buy now and wait out the market for a few years while the tenant foots the mortgage bill!
The basics...
Address: 3668 Moonlit Beach Avenue, Las Vegas NV 89115
Current Listing Price: $99,900
PREVIOUS Sale Price: $225,000 (10/11/2005)
Size: 2 Bedrooms, 2.5 Bathrooms; 1,418 square feet
Lot: .05 acres
http://www.realtor.com/realestate/las+vegas-nv-89115-1097400374/
In the heart of the Midwest, REO fever is taking recently-thriving neighbor-hoods by storm. This cute 3-bedroom brick bungalow in Minneapolis is listed for $32,900… that is less than a fifth of its current Zillow.com estimated value of $179,500. This house, like many in the neighborhood just northwest of downtown, sold a few years ago for a rather high price around the peak of the real estate price bubble; the last sale on this one was $200,000 (4/22/2005). The REO prices we’re seeing in this area today are comparable to prices here over 15-20 years ago.
From the looks of things, this house is pretty much intact (including plumbing/mechanical) and just needs some cosmetic updating. For about $5,000 for new finishes and fixtures, this house could shine and would make an excellent, low-maintenance rental property that would rent for $1,000 to $1,400 per month, offering awesome cash flow. Alternately, an owner-occupant could live here for less than half the cost of renting a comparable house. Compared to many other Midwestern cities, Minneapolis has quite a bit going for it; its strong economy makes it a safe bet for long-term real estate investment, so this property is worth a look.
The basics...
Address: 1023 Upton Avenue N, Minneapolis, MN 55411
Current Listing Price: $32,900
PREVIOUS Sale Price: $200,000
Size: 3 Bedrooms, 1 Bathroom; 1,468 square feet
Lot: .13 acres
http://www.realtor.com/realestate/minneapolis-mn-55411-1100281393/
In the prominent desert city of Palm Springs, this newer (built in 2005) 3-bedroom ranch has a lot to offer, listed at $154,900. Because Palm Springs has both amazing desert views and is considered a major point of interest for mid-century modern architecture, the city has an extremely strong tourism base. This house’s previous buyer paid $294,000 (10/20/2005), and Zillow.com now estimates that this house is worth $217,000 (but that seems to be falling quickly).
The finishes in this house appear to be pretty nice, and the house does not require renovation or repair work. It could likely be rented for $1,100 to $1,500 per month, just about covering the mortgage. This house is part of a newer development on the outskirts of the city; it is not particularly close to the well-known mid-century architecture, and it is situated in a rather windy part of town, but it is an ideal residence for a person who works in Palm Springs and wants to live in a spacious house away from the heart of the downtown area. Palm Springs is seeing a ton of foreclosure activity these days, as is much of California. For a buyer who wants to buy and hold for a while though, this could be a great opportunity. You can get this place, only three years old, for about half the price of what a builder would charge for a newly constructed house of this size.
The basics...
Address: 22122 Purple Sage Drive, Palm Springs, CA 92262
Current Listing Price: $154,900
PREVIOUS Sale Price: $294,000
Size: 3 Bedrooms, 2 Bathrooms; 1,481 square feet
Lot: .17 acres
http://www.realtor.com/realestate/palm+springs-ca-92262-1097640024/
This bungalow in a nice area of Jamaica (Queens) might not have the best curb appeal on the block, but it has lots of potential, and has a decent amount of space for the money. This 5-bedroom fully-detached (free-standing) house is listed for $295,900; the foreclosee paid $480,000 for it not even two years ago (9/26/2006). Zillow.com estimates that this house is worth $507,000. The biggest drawback appears to be that the property backs up to the Long Island Railroad track right-of-way.
This house could be a great rental property for a particular reason: it has five bedrooms. Apartments and houses with 2 to 4 bedrooms are usually pretty easy to find in Queens, but 5+ bedrooms are few and far between --- giving the property owner a major advantage. This house could be rented for $2,000 or more per month, likely comfortably covering the mortgage. Alternately, this house might be a great candidate for an owner occupant or a flipper --- minor rehab and sprucing could make this house shine. Enhancing the curb appeal of the house and doing a quick and simple rehab all around might cost $30,000 or so, but could probably turn more than twice that in profit when it is time to resell in a couple of months, if one chooses to go that route.
The basics...
Address: 118-18 Marsden Street, Jamaica, NY 11434
Current Listing Price: $295,900
PREVIOUS Sale Price: $480,000
Size: 5 Bedrooms, 1 Bathroom; 1,200 square feet
Lot: .07 acres
http://www.realtor.com/realestate/jamaica-ny-11434-1100508363/
In the land known for its dry heat, REO fever is spreading as fast as the wildfires one state to the west. The recent years’ rapid real estate value run-up in Arizona has made it ripe for foreclosures, as prices drop, ARMs adjust, and homeowners find themselves upside-down. This 4-bedroom ranch in Phoenix is listed for $51,900, less than a third of its Zillow.com value estimate of $157,000. About five years ago, the last owner paid $101,500, almost twice the current listing price (10/24/2003).
This house could be rented for $800 or more per month… enough to cover the mortgage and let your tenants build equity for you for a while. Right now, however, the market is flooded with really nice new(er) rental houses (but most are located in newer outlying developments, not nearly as close to downtown as this house). As retirees continue to flock to places with hot climates in coming years, Phoenix seems poised to rebound and continue its growth (but probably at a more realistic pace than what we saw in the past few years). For a long-term investment, this house is probably worth a look.
The basics...
Address: 3145 W Cypress Street, Phoenix, AZ 85009
Current Listing Price: $51,900
PREVIOUS Sale Price: $101,500 (10/24/2003)
Size: 4 Bedrooms, 2 Bathrooms; 1,085 square feet
Lot: .14 acres
http://www.realtor.com/realestate/phoenix-az-85009-1100692886/
REO fever is really spreading around Atlanta these days… REO houses, like this 2-bedroom ranch listed for just $14,900, are commonly selling for 10-20% of their typical prices of just 2 or 3 years ago. This house is in decent condition and is of full brick construction, making termite worries less of a concern. Situated very near Fort McPherson in a stable neighborhood, this one last sold for $95,000 over five 5 years ago (5/5/2003). Zillow.com estimates that this house is worth $142,500 (down quite a bit from its peak Zestimate of $205,000, circa 2006).
This presents a fantastic opportunity for an owner-occupant who wants to spend very little for his or her own housing; this house costs about as much as a new Toyota Yaris! A 2-bedroom single like this will easily rent for $700 to $800 in this strong rental market --- for an investor, the house will fully pay for itself in less than three years! That is the best ROI one will likely see outside of the rust belt. What makes Atlanta so lucrative for REO investing is that its economy is still going strong. This house can now be had for a price not seen for over 20 years. That fact combined with the great potential for cash flow here makes this one a real winner for anyone looking to invest in this region.
The basics...
Address: 1370 Westmont Road SW, Atlanta, GA 30311
Current Listing Price: $14,900
PREVIOUS Sale Price: $95,000
Size: 2 Bedrooms, 1 Bathroom; 1,050 square feet
Lot: .17 acres
http://www.realtor.com/realestate/atlanta-ga-30311-1097523472/ 
This 5-bedroom bungalow in Chicago’s south side Roseland neighbor-hood appears to be a great value, listed at $29,900. Although this house is flanked by vacant lots, most of the street’s 19th century houses are intact and appear to be maintained and occupied. The foreclosee paid $172,500 for this house about five years ago (4/2/2003), and Zillow.com estimates that this house is now worth $167,000 (over five times higher than its current listing price).
A thorough but simple renovation of this house would run $20,000 to $30,000 (less if you scrimp), and the house could rent for $1,300 to $1,500 per month (good section 8 candidate), offering an excellent ROI for an investor. Alternately, it could be a good place to buy, rehab and sell on a land contract or rent-to-own sort of deal. This house needs some work, but could certainly prove to be worth the effort. Roseland has received some negative attention for its crime in the past, but for an investment property, it can be a great opportunity as long as you can get onto a relatively stable block.
The basics...
Address: 128 West 103rd Place, Chicago, IL 60628
Current Listing Price: $29,900
PREVIOUS Sale Price: $172,500
Size: 5 Bedrooms, 1 Bathroom; 936 square feet
Lot: .07 acres
http://www.realtor.com/realestate/chicago-il-60628-1098401124/
This large colonial revival is situated in an established older neighborhood in Mount Vernon, Westchester County, NY, which is a very desirable location in the NYC metro area. Listed for $474,900, this house can be had for less 70% of its 2005 sale price of $680,000 (6/23/2005). Zillow.com estimates that this house is now worth $606,500.
