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/
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