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/
1 comment:
Wow, this is the most tempting house I've seen on this site to date. If I were moving to Minneapolis, I wouldn't hesitate for a minute over buying this place. Minneapolis offers relatively high salaries in comparison to the cost of living, so I don't see how you could go wrong.
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