This basic 1950s ranch in East Saint Louis is listed for $24,900. Its previous owner paid $60,000 for it less than two years ago (1/31/2007), and Zillow.com now estimates that this REO is worth $74,000.East Saint Louis certainly has its share of problems, but it could be a great place for a beginning investor to get into residential rental properties. This low-maintenance brick house is in good condition overall, and with a couple thousand dollars worth of paint, carpeting, and minor updating, it will be ready to rent. A 2-bedroom single house like this could rent for $500 to $600 per month, easily delivering some decent cash flow to an investor. Section 8 could be a good way to rent this house, with the government guaranteeing most of the monthly income cash flow. If you’re looking to begin investing in the St. Louis area, check out this property.
The basics...
Address: 20 Godier Drive, East Saint Louis, IL 62203
Current Listing Price: $24,900
PREVIOUS Sale Price: $60,000 (1/31/2007)
Size: 2 Bedrooms, 1 Bathroom; 835 square feet
Lot: .20 acres
http://www.realtor.com/realestate/east+saint+louis-il-62203-1102289891/
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