Until the recent foreclosure, this cute little cape cod in Euclid, an east-side suburb of Cleveland, had not changed hands for over 30 years. This house is now listed for a mere $23,900, which is, quite shockingly, just about three-fourths of $32,500, the price the foreclosees paid three decades ago (6/30/1976). Zillow.com estimates that this house is currently worth $95,500. REOfever.com readers might be wondering “why, after 30 years of ownership by the same couple, would this house be on the REO roster now?”… well, with a bit of digging it has been revealed that the owners of this house refinanced this property over and over, each time pulling out more cash. Most recently, in 2005, they got a $95,000 mortgage. It appears that using their house as an endless ATM eventually caught up with them.This house appears to have been well maintained by its long-term owners, and, with the exception of some cleaning and minor cosmetic work (it is difficult to understand why the realtor or whoever it was taking the interior pictures would neglect to spend 3 minutes cleaning up or at least hiding the junk strewn about the otherwise decent-looking kitchen), it is ready for occupancy. A house like this could be rented for $600 to $700 per month, delivering strong cash flow for an investor. It could also be a great starter-house for a first time owner-occupant buyer --- this would be way cheaper than rent, and could prove to be a fantastic long-term investment opportunity in an area that is clean, well-maintained, and convenient to freeways.
The basics...
Address: 951 East 228th Street, Euclid, OH 44123
Current Listing Price: $23,900
PREVIOUS Sale Price: $32,500 (6/30/1976)
Size: 2 Bedrooms, 1 Bathroom; 1,044 square feet
Lot: .12 acres
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