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/
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