This typical ranch in Stockton, the foreclosure capital of the United States, is listed for just $114,000. Its peak value was $334,000 in 2006, according to Zillow.com; they estimate its current value to have dropped all the way to $146,000. The previous owner of this house paid $225,000 for it about four years ago (9/10/2004).Though REO fever is really spreading in this neighborhood in southeastern Stockton, there is strong rental demand as droves of homeowners who bit off more than they could chew are forced back to tenant status. A 4-bedroom house like this could be rented for $1,100 to $1,400 per month, delivering positive cash flow for an investor. Though this property will need about $5,000 to $10,000 of work to get it ready for a new occupant, it seems like a worthwhile opportunity for an investor in the Central Valley.
The basics...
Address: 1936 Granada Drive, Stockton, CA 95206
Current Listing Price: $114,000
PREVIOUS Sale Price: $225,000 (9/10/2004)
Size: 4 Bedrooms, 2 Bathrooms; 1,216 square feet
Lot: .12 acres
http://www.realtor.com/realestate/stockton-ca-95206-1102048313/
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