This classic post-WWII cape cod house in Erie, an old rust belt city situated in the little northwestern extension of Pennsylvania that separates Ohio from New York, is now listed for $15,000. The foreclosee here paid $36,000 for this house over five years ago (3/31/2003). Zillow.com now estimates that this property is worth $45,500.This house is by no means a buy-of-a-lifetime, but it could probably be a good, solid investment, or a good opportunity for a first-time owner-occupant buyer. With a $5,000 makeover, this house could be ready for occupancy, and could be a good starter house. For an investor, this house could bring in $600 to $1,000 per month in rental income, delivering pretty good cash flow. If you’re expecting to use real estate get rich in a year or two, the rust belt is not a place to look for an REO. However, if you’re already in the area and you are looking for a little something for the long haul, a buy like this could be a good move.
The basics...
Address: 809 East 8th Street, Erie, PA 16503
Current Listing Price: $15,000
PREVIOUS Sale Price: $36,000 (3/31/2003)
Size: 4 Bedrooms, 2 Bathrooms; 1,098 square feet
Lot: .11 acres
http://www.realtor.com/realestate/erie-pa-16503-1102501310/
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