REO Fever

Bay Point, CA Condo

2008-09-15T00:02:00.000-07:00

For the first time in several years, becoming a homeowner has become affordable to low and moderate income households again in many parts of the Bay Area. Bay Point, at the end of the BART line, has seen a surge of foreclosures, offering many great deals to buyers. This 2 bedroom condo in the Westwood Village complex in Bay Point is listed for $84,900. The foreclosee paid $225,000 for it a few years ago (1/3/2005), and Zillow.com estimates its current value to be $187,500 --- well over twice its current listing price.

A property like this would be good for either an owner-occupant or an investor. For an owner-occupant who works in San Francisco, it is an easy commute – this condo, in the Westwood Village complex, is walking distance to the Pittsburg-Bay Point BART station, and with a total monthly payment of under $1,000 per month, including HOA, this is much cheaper than rent for a decent 2-bedroom unit anywhere in the Bay Area. Alternately, with very little cleaning and cosmetic updating, this unit could be ready to rent for $1,200 to $1,400 per month, delivering good cash flow for an investor.

The basics...
Address: 8 Lancaster Circle, Unit 220, Bay Point, CA 94565
Current Listing Price: $84,900
PREVIOUS Sale Price: $225,000 (1/3/2005)
Size: 2 Bedrooms, 1 Bathroom; 806 square feet

http://www.realtor.com/realestate/bay+point-ca-94565-1102551549/

Durham, NC Bungalow

2008-09-12T00:02:00.000-07:00

Here’s a bungalow in a nice, established area on the north side of Durham listed for $87,900. The foreclosee paid $115,000 for this house a few years ago (3/2/2004), and Zillow.com now estimates the value of this house to be $136,500.

This house is on a good-sized lot with mature landscaping, and appears to need very little work prior to occupancy. With some basic cosmetic updating, this place will be ready for an owner-occupant or a tenant. A house like this could rent for about $1,000 per month, so it is a possibility for an investor looking for a long-term investment opportunity in the Raleigh – Durham area.

The basics...
Address: 2608 Banner Street, Durham, NC 27704
Current Listing Price: $87,900
PREVIOUS Sale Price: $115,000 (3/2/2004)
Size: 3 Bedrooms, 1 Bathroom; 1,317 square feet
Lot: .21 acres

http://www.realtor.com/realestate/durham-nc-27704-1103019537/

Boston, MA Condo

2008-09-11T00:02:00.000-07:00

This condo in Boston’s historic Beacon Hill is now listed for $793,900. This is a prestigious address in a 3-unit condo building, and it is convenient to all Boston has to offer. The previous owner of this REO paid $1,270,000 just a year and a half ago (3/29/2007), and Zillow.com now estimates its value to be $1,144,500.

A unit like this would rent for $4,000 to $5,000 per month, so it would not be a good candidate for an investor seeking rental income. For an owner-occupant, however, it could be a great opportunity to buy in a demand location while the market is still favoring buyers. Though the unit appears to be in good condition currently, it is a bit dated and lacking that certain top-quality feeling one comes to expect in a high-end property. Tons of potential with this one... with some thoughtful design and renovation, this place could be a really incredible city dwelling.

The basics...
Address: 32 Temple Street, Unit 3, Boston, MA 02114
Current Listing Price: $793,900
PREVIOUS Sale Price: $1,270,000 (3/29/2007)
Size: 3 Bedrooms, 1.5 Bathrooms; 1,500 square feet

http://www.realtor.com/realestate/boston-ma-02114-1103026740/

Akron, OH Colonial Revival

2008-09-10T00:48:00.000-07:00

Here’s a sold old colonial revival on the south side of Akron, the heart of the rust belt, listed for just $4,900. This house last sold for $72,000 about six years ago (6/18/2002), and Zillow.com estimates that it is currently worth $79,000.

This house does need some work to make it ready for occupancy, but it still seems to be quite a steal at this price. A complete rehab (probably costing about $15,000) could turn this house into a great rental property. This property could likely bring in $600+ per month, delivering fantastic cash flow for an investor.

The basics...
Address: 1356 Marcy Street, Akron, OH 44301
Current Listing Price: $4,900
PREVIOUS Sale Price: $72,000 (6/18/2002)
Size: 3 Bedrooms, 2 Bathrooms; 1,264 square feet
Lot: .11 acres

http://www.realtor.com/realestate/akron-oh-44301-1102934198/

Lake Elsinore, CA Spanish Colonial Revival

2008-09-09T00:12:00.001-07:00

Lake Elsinore, near Riverside in the Inland Empire (east of Los Angeles), is now experiencing quite a bout of REO fever. Here’s a spacious 4-bedroom Spanish Colonial revival in the Tuscany Hills neighborhood listed for $244,900. This is a high-end development for the area, and is still a pretty good place to live, if you don’t mind the occasional squatting family of bobcats (http://latimesblogs.latimes.com/laland/2008/09/bobcats-on-a-ba.html). The previous owner paid $360,000 for this house about five years ago (7/2/2003). Amazingly, this house could have likely sold for close to $600,000 at the real estate peak in 2006. Zillow.com now estimates that this REO is worth $284,500.

This house appears to be ready for occupancy in its current condition. Although a newer house like this in an upscale subdivision usually would not work as a rental property, this one seems to be an exception. Tuscany Hills houses of this size are renting for $1,700 to $2,000 per month, which could actually make this REO a possibility for an investor. It could also be a great buy for an owner-occupant looking for a large house in the area. The only concern is that prices may very well fall further in this area, as Alt-A mortgages begin to reset in the coming year, likely resulting in even more foreclosures in middle-class areas like this.

The basics...
Address: 21 Villa Roma, Lake Elsinore, CA 92532
Current Listing Price: $244,900
PREVIOUS Sale Price: $360,000 (7/2/2003)
Size: 4 Bedrooms, 3 Bathrooms; 2,589 square feet
Lot: .13 acres

http://www.realtor.com/realestate/lake+elsinore-ca-92532-1102446440/

Oak Park, IL Bungalow

2008-09-08T00:02:00.000-07:00

Here’s a cute bungalow in Oak Park, a high-demand suburb of Chicago, listed for $159,900. The foreclosee paid $301,000 a few years ago (1/1/2005), and Zillow.com estimates that this house is currently worth $268,500, well over $100,000 more than its current listing price.

This house just needs some minor cosmetic work to make it ready for occupancy. As a rental property, this house could bring in $1,200 to $1,400 per month, so it could be a potential winner for an investor. It could also be a great house for an owner-occupant. The amount of cosmetic work and renovating to be done could be as little as a couple thousand or as much as $10,000 to $20,000, if a new kitchen and other amenities are desired. The house is habitable as-is, so minimal work needs to be done to bring it back into full service.

The basics...
Address: 1015 South Cuyler Avenue, Oak Park, IL 60304
Current Listing Price: $159,900
PREVIOUS Sale Price: $301,000 (1/11/2005)
Size: 2 Bedrooms, 1 Bathroom; 792 square feet
Lot: .09 acres

http://www.realtor.com/realestate/oak+park-il-60304-1101219403/

East Palo Alto, CA Ranch

2008-09-05T00:02:00.000-07:00

East Palo Alto, on the San Francisco Peninsula, has been hit with an extra-hard case of REO fever lately. Here is a cute, renovated ranch listed for $244,900. The previous owner of this house paid $600,000 for it about three years ago (8/12/2005), and Zillow.com estimates its current value at $469,000.

This house is in great shape, and will pretty much be ready to roll with just a basic cleaning. A house like this could rent for about $2,000 per month, which means it could potentially work as an investment property or for an owner-occupant. Property values are very likely to stabilize and recover in this area over the next few years, so the strategy to buy-and-hold could lead to some serious gain if you are willing to stick it out.

The basics...
Address: 2345 Oakwood Drive, East Palo Alto, CA 94303
Current Listing Price: $244,900
PREVIOUS Sale Price: $600,000 (8/12/2005)
Size: 2 Bedrooms, 1 Bathroom; 820 square feet
Lot: .10 acres

http://www.realtor.com/realestate/east+palo+alto-ca-94303-1102855455/

Erie, PA Cape Cod

2008-09-04T00:02:00.000-07:00

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/

Poinciana, FL Ranch

2008-09-03T00:02:00.000-07:00

This 3-year-old stucco ranch in Poinciana, in the Kissimmee area, is now listed for $96,900. Its previous owner paid $180,000 for this house a couple of years ago (1/20/2006), and Zillow.com now estimates its value at $176,500.

This REO appears to be in good condition, and could be a decent buy as either a rental property or for an owner-occupant. This house would rent for about $1,000 per month, but it must be noted that the $240 monthly HOA dues will cut into the cash flow for an investor. If you’re looking for a deal in central Florida, however, the Kissimmee area is ripe for the picking.

The basics...

Address: 1604 Pompano Way, Poinciana, FL 34759

Current Listing Price: $96,900

PREVIOUS Sale Price: $180,000 (1/20/2006)

Size: 3 Bedrooms, 2 Bathrooms; 1,441 square feet

http://www.realtor.com/realestate/poinciana-fl-34759-1101553133/

Euclid, OH Cape Cod

2008-09-02T00:02:00.000-07:00

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

http://www.realtor.com/realestate/euclid-oh-44123-1102010116/

Daly City, CA Modern

2008-09-01T00:02:00.000-07:00

Here is a great ocean-view 2-bedroom mid-century modern house in Daly City, the town that inspired Malvina Reynolds to write the song “Little Boxes” in the 1960s, listed for $418,000. This house’s previous owner paid $730,000 for it about three years ago (5/27/2005), and Zillow.com estimates its current value to be $578,500.

This rental value of this house would be about $2,200 per month, so it does not seem likely that it would work for an investor looking for an income-producing property. It could, however, be a good opportunity for an owner-occupant. Much of the original detail appears to be intact in this classic Westlake house, and with some minor renovation this REO could be renovated/restored to be quite a cool pad. The close proximity to San Francisco makes this area desirable despite the oft-gloomy weather, and this house is worth a look if you’re looking for a mid-century modern project house in the Bay Area.

The basics...

Address: 1344 South Mayfair Avenue, Daly City, CA 94015

Current Listing Price: $418,000

PREVIOUS Sale Price: $730,000 (5/27/2005)

Size: 2 Bedrooms, 1 Bathroom; 1,060 square feet

Lot: .08 acres

http://www.realtor.com/realestate/daly+city-ca-94015-1101227998/

Stockton, CA Ranch

2008-08-29T01:02:00.000-07:00

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/

Grosse Pointe Woods, MI Ranch

2008-08-28T00:02:00.000-07:00

This cute little house in Grosse Pointe Woods, a charming suburb of Detroit, is listed for $52,900. Its previous owner had the property for several years, paying $99,000 for it about seven years ago (9/25/2001). Zillow.com estimates that this house is now worth $113,500.

This house is in good condition and is in a great neighborhood & school district, so it could be a good buy for an owner-occupant or an investor looking for cash flow in a stable part of the Detroit metro area. This house would easily rent for $800 to $1,000 per month, well under the cost of owning a property like this. If you’re a rust belt REO shopper, check out this deal.

The basics...
Address: 2197 Roslyn Road, Grosse Pointe Woods, MI 48236
Current Listing Price: $52,900
PREVIOUS Sale Price: $99,000 (9/25/2001)
Size: 2 Bedrooms, 1 Bathroom; 775 square feet
Lot: .09 acres

http://www.realtor.com/realestate/grosse+pointe+woods-mi-48236-1098302851/

Tampa, FL Ranch

2008-08-27T00:02:00.000-07:00

This rambling 1960s ranch in the Rocky Point area of the south side of Tampa is now listed for $114,900. The foreclosee here paid $200,000 about two and a half years ago (1/13/2006), and Zillow.com estimates that the current value of this house is $169,500.

Though this house is convenient to the beach, golf course, and freeways, it is important to note that it’s pretty close to the airport (could be good or bad depending on the owner or occupant’s circumstances). With some minor sprucing, this REO could be a nice starter home for an owner-occupant or it could make a decent rental property for an investor. A house like this could likely rent for $1,100 to $1,400 per month, paying for itself and even delivering a little positive cash flow.

The basics...
Address: 4501 Picadilly Street, Tampa, FL 33634
Current Listing Price: $114,900
PREVIOUS Sale Price: $200,000 (1/13/2006)
Size: 3 Bedrooms, 2 Bathrooms; 1,256 square feet
Lot: .17 acres

http://www.realtor.com/realestate/tampa-fl-33634-1100540823/

East Saint Louis, IL Ranch

2008-08-26T00:02:00.000-07:00

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/

Compton, CA Bungalow

2008-08-25T00:19:00.001-07:00

REO fever is taking Compton, in the Los Angeles area, by storm these days. This cute 1920s Compton bungalow is listed for $159,900, well under half of its $353,000 sale price of not quite two years ago (11/7/2006). Zillow.com estimates the current value of this house to be $296,000.

This house needs some minor renovation and cosmetic updating, but after about $10,000 of work, this place will really shine. It is located in a clean and quiet part of Compton, and would be a good place for an owner-occupant. It could also be a potential buy for an investor, as it could rent for $1,300 to $1,500 per month. If you’re looking for an entry-level house to occupy or an investment property in the LA area, check out this REO.

The basics...
Address: 718 West Palmer Street, Compton, CA 90220
Current Listing Price: $159,900
PREVIOUS Sale Price: $353,000 (11/7/2006)
Size: 2 Bedrooms, 1 Bathroom; 1,023 square feet
Lot: .13 acres

http://www.realtor.com/realestate/compton-ca-90220-1101989358/

Bloomfield, CT Colonial Revival

2008-08-22T00:45:00.000-07:00

This charming old colonial revival in Bloomfield, a very diverse old New England town near Hartford, has a lot of potential and is listed for $229,900. It was built in 1875, and is situated on a large lot, nearly an acre in size. Its previous owner paid $345,000 for it about two years ago (6/13/2006), and Zillow.com estimates that it is now worth $292,000.

A house like this could be a boon for a preservationist. With some time and dedication, the great 19th century charm could be brought back to full force in this house, and the huge yard offers tremendous landscaping opportunities. In its current state, this house could likely be rented for $1,500 to $2,000 per month, making it a possibility for either an investor or an owner-occupant. Totally renovated and restored, however, it could probably command a much higher rent. If you’re into old New England houses, check out this REO in Bloomfield.

The basics...
Address: 67 Filley Street, Bloomfield, CT 06002
Current Listing Price: $229,900
PREVIOUS Sale Price: $345,000 (6/13/2006)
Size: 3 Bedrooms, 3 Bathrooms; 2,114 square feet
Lot: .90 acres

http://www.realtor.com/realestate/bloomfield-ct-06002-1102157922/

Miami, FL Condo

2008-08-21T00:27:00.000-07:00

This 5-year old high-rise luxury condo in Miami, where REO fever has hit strong, is now listed for just $129,900 --- more than 60% lower than the price the foreclosee paid just two years ago (7/13/2006). Zillow.com estimates that this unit is currently worth $309,500.

This REO, in the amenity-laden Blue Lagoon Condominiums, could be rented for $1,100 to $1,200 per month, so it could be a good opportunity for an investor who is seeking long-term gain but may be willing to deal with no cash flow or slightly negative cash flow for a while. Alternately, it could be a great opportunity for a first-time buyer to get into a wonderful 1-bedroom condo in a great building while the getting is good – this price is lower than what a developer could sell a new unit of this size and quality for nowadays.

The basics...
Address: 5077 NW 7th Street, Unit 405, Miami, FL 33126
Current Listing Price: $129,900
PREVIOUS Sale Price: $330,000 (7/13/2006)
Size: 1 Bedroom, 1 Bathroom; 685 square feet

http://www.realtor.com/realestate/miami-fl-33126-1101144764/

Henderson, NV Condo

2008-08-20T01:22:00.001-07:00

This 11-year old condo in Henderson, a suburb of Las Vegas, is listed for $144,900. Its previous owner paid $212,500 for it over two years ago (4/11/2006), and Zillow.com estimates its current value at $201,500.

Although the Las Vegas market has been hit hard with REO fever, this condo may be worth a look. It appears to be in good shape and ready for occupancy. A unit like this one in the Green Valley South development could be rented for about $1,300, so it could be a potential winner for an investor. Alternately, it could be a great maintenance-free home for an owner occupant looking for a decent complex with amenities.

The basics...
Address: 75 North Valle Verde Drive, Unit 1223, Henderson, NV 89074
Current Listing Price: $144,900
PREVIOUS Sale Price: $212,500 (4/11/2006)
Size: 2 Bedrooms, 2 Bathrooms; 1,104 square feet

http://www.realtor.com/realestate/henderson-nv-89074-1101988514/

San Leandro, CA Ranch

2008-08-19T00:25:00.001-07:00

This cozy stucco ranch in San Leandro, a tidy suburb just south of Oakland, is listed for $219,900. Just over a year ago, the foreclosee paid $441,000 for this house, more than twice its current price tag (6/26/2007). Zillow.com estimates that this house is now worth $358,000.

This house appears to be in a good shape, and would probably only need very minor cleaning and cosmetic touch-up to be ready for occupancy. A single house like this could rent for $1,400 to $1,800 per month, which might make this property a possibility for an investor looking for a rental property or an owner-occupant looking to buy a house with a lower payment than rent for a comparable place. This REO is worth a look if you’re looking in the East Bay.

The basics...
Address: 16385 Gordon Way, San Leandro, CA 94578
Current Listing Price: $219,900
PREVIOUS Sale Price: $441,000 (6/26/2007)
Size: 2 Bedrooms, 1 Bathroom; 778 square feet
Lot: .09 acres

http://www.realtor.com/realestate/san+leandro-ca-94578-1101363577/

Lakewood, OH Duplex

2008-08-18T00:05:00.000-07:00

This classic early 20th century duplex in Lakewood, a stable inner-ring suburb just west of Cleveland, is listed for $57,900 --- about $100,000 lower than its Zillow.com estimated value of $158,800. The previous owner of this property paid $145,000 for it several years ago (12/31/2001).

This duplex is in a well-maintained part of Lakewood where there is strong demand for rental units. With some basic repair work and cosmetic updating ($10,000, give or take), both of these units could be ready for occupancy. Each unit of this house could be rented for $750 to $1,000 per month, which makes it ideal for either an investor looking for good cash flow or an owner-occupant who wants to live in a good area and let his or her tenants fully foot the bill. A deal-seeker in the Cleveland area will not want to miss this property.

The basics...
Address: 1203 Marlowe Avenue, Lakewood, OH 44107
Current Listing Price: $57,900
PREVIOUS Sale Price: $145,000 (12/31/2001)
Size: 6 Bedrooms, 2 Bathrooms; 2,728 square feet (total for 2 units)
Lot: .13 acres

http://www.realtor.com/realestate/lakewood-oh-44107-1098931709/

College Park, GA Ranch

2008-08-15T00:26:00.001-07:00

This four-year-old ranch in College Park, a suburb of Atlanta, is listed for $92,000. Its previous owner paid $145,000 for this house about two years ago (6/8/2006), and Zillow.com now estimates that it is worth $122,500.

With about $5,000 to $10,000 of minor work (carpeting, paint, and a few repairs), this house will be ready for a new owner-occupant or tenant. This 3-bedroom house in the Sandpipers Cove subdivision could bring in about $1,100 per month in rent, making it a viable possibility for an investor looking for rental property. This is a great time to grab a relatively new property for less than the actual cost of construction, so check out this REO if you’re looking in the Atlanta area.

The basics...
Address: 5394 Sand Bar Lane, College Park, GA 30349
Current Listing Price: $92,000
PREVIOUS Sale Price: $145,000 (6/8/2006)
Size: 3 Bedrooms, 2 Bathrooms; 1,361 square feet
Lot: .22 acres

http://www.realtor.com/realestate/college+park-ga-30349-1101906733/

Los Angeles, CA Contemporary

2008-08-14T00:06:00.000-07:00

Situated in the Hollywood Hills, this recently updated con-temporary house offers an amazing deal at its current listing price of $990,900. Its previous owner paid $1,500,000 not quite two years ago (11/30/2006), and many houses in the neighborhood are worth several million more than this. Zillow.com estimates that this house is now worth $1,864,500.

At less than $400 per square foot, this house is extremely affordable for this high profile location (Houses in this area average over $800 per square foot.). A house like this can be rented for $4,000 to $5,000 per month, so it is not a good candidate for an investor looking for rental property. For an owner-occupant, however, it is worth a look. Although it is certainly not the highest-end construction in the area, the breathtaking views, multiple decks/balconies, and the renovated kitchen make this a fantastic opportunity for someone who likes to entertain and wants the status of the Sunset Strip.

The basics...
Address: 8595 Cole Crest Drive, Los Angeles, CA 90046
Current Listing Price: $990,900
PREVIOUS Sale Price: $1,500,000 (11/30/2006)
Size: 3 Bedrooms, 2.5 Bathrooms; 2,499 square feet
Lot: .13 acres

http://www.realtor.com/realestate/los+angeles-ca-90046-1098464820/

Washington, DC Rowhouse

2008-08-13T00:01:00.000-07:00

This classic brick rowhouse in the capital of the United States is currently listed for $468,900. It has been on the market for over seven months, and has seen a long series of price cuts. Its location in the Old City neighborhood, near the edge of Capitol Hill and Kingman Park makes it a convenient residential location in close proximity to shops and restaurants, and the area has been going substantial gentrification in recent years. The foreclosee paid $695,000 for this property less than two years ago (12/15/2006). Zillow.com estimates its current value to be $660,000.

This house could likely be leased for $3,000 to $4,000 per month, so it would probably not be a good opportunity for an investor looking for rental property. This house could be a great opportunity for an owner-occupant seeking a spacious renovated house in an up-and-coming area, however. This REO is in good condition overall and will need little more than paint and a few minor updates before occupancy. The fact that it has been on the market for so long will probably scare away many buyers… it probably was over-priced to begin with, but now that its listing price is so much lower, it is worth a look.

The basics...
Address: 1439 G Street NE, Washington, DC 20002
Current Listing Price: $468,900
PREVIOUS Sale Price: $695,000 (12/15/2006)
Size: 3 Bedrooms, 3 Bathrooms; 1,414 square feet
Lot: .02 acres

http://www.realtor.com/realestate/washington-dc-20002-1093786811/

Scottsdale, AZ Ranch

2008-08-12T00:17:00.001-07:00

This spacious 1950s Scottsdale ranch is listed for $205,900. Its previous owner paid $265,000 less than two years ago (10/6/2006), and Zillow.com estimates that its current value is $222,000.

Although it is a bit dated and could stand some cosmetic improvements, this house could be occupied in its current condition. A 4-bedroom house like this could rent for $1,200 to $1,500 per month, which would allow an investor to cover his or her expenses, and possibly even generate a little positive cash flow. This REO could also be a good chance for an owner-occupant to snag a house with a monthly outlay that is less than the rent for a comparable house. Because it does not need any immediate renovation work, this house offers a good opportunity for someone who wants to improve, update, and renovate piecemeal as budgets allow over time.

The basics...
Address: 2617 N 71st Place, Scottsdale, AZ 85257
Current Listing Price: $205,900
PREVIOUS Sale Price: $265,000 (10/6/2006)
Size: 4 Bedrooms, 2 Bathrooms; 1,573 square feet
Lot: .14 acres

http://www.realtor.com/realestate/scottsdale-az-85257-1102127963/

Orlando, FL Townhouse

2008-08-11T00:05:00.000-07:00

At the ripe old age of two years, this Orlando townhouse is listed for $149,900. This REO is located in the Timber Pointe development in Avalon Park, is well maintained and clean, and has decent amenities. The original owner of this new townhouse paid $235,100 less than two years ago (11/2/2006), and Zillow.com estimates that it is currently worth $202,000.

A townhouse like this could be rented for about $1,200 per month, which would not be sufficient to provide positive cash flow for an investor (taking mortgage payments, taxes, and HOA into account). This unit could, however, be a nice place for an owner-occupant seeking a deal on a newer home. Having been so over-built in the past few years, this is one of many deals that can now be had. In the long run, a purchase like this could be a good investment; as the population of central Florida continues to grow, so will demand for housing, and therefore property values, over coming decades.

The basics...
Address: 16460 Cedar Crest Drive, Orlando, FL 32828
Current Listing Price: $149,900
PREVIOUS Sale Price: $235,100 (11/2/2006)
Size: 3 Bedrooms, 2.5 Bathrooms; 1,472 square feet

http://www.realtor.com/realestate/orlando-fl-32828-1101293648/

San Rafael, CA Condo

2008-08-08T02:00:00.000-07:00

Although REO fever has not over-whelmed Marin County to the same extent it has over-whelmed other parts of the Bay Area, there are certainly some REO deals to be had. This 2-bedroom condo in San Rafael is listed for $150,000. Its previous owner paid $324,000 a few years ago (2/12/2004), and Zillow.com now estimates its value at $295,000.

This property offers a good opportunity for a first-time buyer in the Bay Area. Including the mortgage payment, property taxes, $293 monthly HOA fee, and tax benefits, the cost of living in this condo would be comparable to renting a similar apartment in the neighborhood. As population growth in the Bay Area continues, property values will continue to rise, making this REO a good potential long-term financial investment.

The basics...
Address: 3665 Kerner Boulevard Unit A, San Rafael, CA 94901
Current Listing Price: $150,000
PREVIOUS Sale Price: $324,000 (2/12/2004)
Size: 2 Bedrooms, 2 Bathrooms; 910 square feet

http://www.realtor.com/realestate/san+rafael-ca-94901-1099592343/

Baltimore, MD Rowhouse

2008-08-07T00:23:00.000-07:00

Like many east coast cities, Baltimore’s dense inner-city streets are lined with tens of thousands of rowhouses, mostly built in the early part of the 20th century (think Hairspray). This typical brick rowhouse on the west side of Baltimore is listed for $34,000. The foreclosee here paid $76,500 for this house about two years ago (7/13/2006). Zillow.com estimates that the value of this REO is currently $86,500… over 2.5 times higher than the property’s current listing price.

This property, with a $5,000 to $10,000 basic rehab, could be rented for $700 to $1,000 per month, delivering a decent positive cash flow to an investor. This is a good candidate for section-8, and will likely be a nice investment opportunity for whoever grabs it.

The basics...
Address: 2121 West Saratoga Street, Baltimore, MD 21223
Current Listing Price: $34,000
PREVIOUS Sale Price: $76,500 (7/13/2006)
Size: 3 Bedrooms, 2 Bathrooms; 1,147 square feet
Lot: .03 acres

http://www.realtor.com/realestate/baltimore-md-21223-1101799505/

Flint, MI Ranch

2008-08-06T00:05:00.000-07:00

This tract ranch in Flint is listed for $34,900, less than half of its current Zillow.com estimated value of $74,500. Its previous owner paid $68,000 for it a few years ago (3/29/2005).

Although much of Flint is quite blighted, there are lots of nicer areas where there is still demand for housing. This REO is in an area that is well-maintained and stable, so it could be a decent property for an investor or an owner-occupant. With $5,000 or so of updating and minor renovation, this house could be ready for occupancy. This house could be rented for $500 to $650 per month, so it would deliver a nice little cash flow to an investor. If you’re seeking an REO deal in a decent area of Flint, check out this little ranch.

The basics...
Address: 3662 Providence Street, Flint, MI 48503
Current Listing Price: $34,900
PREVIOUS Sale Price: $68,000 (3/29/2005)
Size: 3 Bedrooms, 1 Bathroom; 923 square feet
Lot: .11 acres

http://www.realtor.com/realestate/flint-mi-48503-1101041082/

Cincinnati, OH Colonial Revival

2008-08-05T00:05:00.000-07:00

This huge colonial revival in the Walnut Hills area of Cincinnati is listed for just $24,900, which is less than $10 a square foot. This house has lots of late-19th-century charm, and is situated on almost a quarter of an acre. The foreclosee paid $94,000 for this house a couple of years ago (1/3/2006), and Zillow.com estimates its current value at $137,000.

Although the house could use a cosmetic makeover, it is habitable as it currently is. For about $5,000, some updates could be done to make this place ready to rent (section 8 would be a great option if this path is taken). Alternately, with $25,000 to $30,000 of substantial renovation work, this house could be pretty stunning. This house could be rented for over $1,000 per month, making it a lucrative investment opportunity for anyone looking for a cash-flow property in Southwestern Ohio.

The basics...
Address: 3231 Beresford Avenue, Cincinnati, OH 45206
Current Listing Price: $24,900
PREVIOUS Sale Price: $94,000 (1/3/2006)
Size: 5 Bedrooms, 2 Bathrooms; 2,738 square feet
Lot: .22 acres

http://www.realtor.com/realestate/cincinnati-oh-45206-1100908851/

Anaheim, CA Ranch

2008-08-04T00:10:00.000-07:00

Orange County, where property values climbed dramatically during the housing boom, is now seeing a big epidemic of REO fever. This spacious ranch in Anaheim is listed for $399,900 --- about 30% less than its previous sale price; the foreclosee paid $580,000 about two years ago (9/7/2006). What makes this house particularly appealing is that it has been renovated and updated with new bathrooms and a new kitchen, presumably by the bank that now owns it (in the OC they’re doing whatever they can to unload their REOs… desperate times call for desperate measures). Zillow.com estimates that this house is currently worth $449,500.

A 3-bedroom house like this could be rented for $2,000 to $2,300, which would not be sufficient to cover the mortgage and other expenses, so it is probably not a viable investment property. For an owner-occupant, however, this house can be a great opportunity. Once the tax advantages are taken into account, the cost of living in this house will be about on par with renting a similar one in Anaheim, so it is worth a shot if you’re looking in this part of SoCal. The fact that it is in move-in condition with brand new fixtures is just icing on the cake.

The basics...
Address: 1938 East Redwood Avenue, Anaheim, CA 92805
Current Listing Price: $399,900
PREVIOUS Sale Price: $580,000 (9/7/2006)
Size: 3 Bedrooms, 2 Bathrooms; 1,750 square feet
Lot: .20 acres

http://www.realtor.com/realestate/anaheim-ca-92805-1097163544/

Reno, NV Ranch

2008-08-01T00:05:00.000-07:00

Reno in 2008 is kind of like a dirty version of Las Vegas in 1960… tacky mid-20th-century casinos that have never quite got super outrageous and ridiculously overscaled, sprawling tracts of ranches, condos, and the like. This Reno ranch, built in 1960, is listed for $149,900. The foreclosee paid $251,000 for this house less than three years ago, at the height of the bubble (12/7/2005); Zillow.com now estimates that this REO property is worth $172,500.

This house could be rented for about $1,000 per month, which would probably not cover the mortgage and other expenses of an investment property. However, it could be a decent place for an owner-occupant; as the population of Nevada will likely continue to grow in coming decades, property values will likely grow with it. The Reno/Tahoe area offers great recreation opportunities in both summer and winter, so the region is worth a look.

The basics...
Address: 1790 Castle Way, Reno, NV 89512
Current Listing Price: $149,900
PREVIOUS Sale Price: $251,000 (12/7/2005)
Size: 3 Bedrooms, 1 Bathroom; 973 square feet
Lot: .13 acres

http://www.realtor.com/realestate/reno-nv-89512-1099224247/

Mount Vernon, NY Colonial Revival

2008-07-31T00:05:00.000-07:00

This large colonial revival is situated in an established older neighborhood in Mount Vernon, Westchester County, NY, which is a very desirable location in the NYC metro area. Listed for $474,900, this house can be had for less 70% of its 2005 sale price of $680,000 (6/23/2005). Zillow.com estimates that this house is now worth $606,500.

This property is in an owner-occupied area, and it seems unlikely that it could be rented for an amount sufficient to cover the mortgage and other costs. However, this REO will be a great opportunity for an owner-occupant who commutes to the city, as there is easy train access from this location. This is a charming house in a great location, so check it out if you’re looking for a house in this price range --- it is an excellent value.

The basics...
Address: 11 Parkway Circle, Mount Vernon, NY 10552
Current Listing Price: $474,900
PREVIOUS Sale Price: $680,000 (6/23/2005)
Size: 5 Bedrooms, 3 Bathrooms; 2,800 square feet
Lot: .15 acres

http://www.realtor.com/realestate/mount-vernon-ny-10552-1101713422/

Pittsburgh, PA Colonial Revival

2008-07-30T00:05:00.000-07:00

As far as the rust belt goes, Pittsburgh is actually doing better than many of its counterpart cities… REO fever is spreading, but it has not swallowed up whole swaths of the city like it has in other places. This handsome four-square colonial revival in the Brighton Heights area of Pittsburgh is listed for $49,900. This house was purchased three years ago for $79,900 (5/25/2005), and Zillow.com now estimates its value at $108,000, which actually seems reasonable (unlike many recent Zillow valuations).

This REO is situated on a nice street in a nice neighborhood, and will likely require just a minor makeover renovation ($5,000 +/-) to make it really shine. This house could be rented for $700 to $800 per month, easily covering the mortgage and other expenses and providing a small positive monthly cash flow to an investor. Or, alternately, this house could be a great opportunity for an owner-occupant who wants to be close to downtown.

The basics...
Address: 2052 Termon Avenue, Pittsburgh, PA 15212
Current Listing Price: $49,900
PREVIOUS Sale Price: $79,900 (5/25/2005)
Size: 3 Bedrooms, 1 Bathroom; 1,800 square feet
Lot: .10 acres

http://www.realtor.com/realestate/pittsburgh-pa-15212-1099784587/

Fontana, CA Spanish Colonial Revival

2008-07-29T00:11:00.000-07:00

The Inland Empire area of California, which includes Riverside and San Bernardino, has been one of the fastest growing parts of the US in recent years. The recent REO fever, however, has slowed growth/construction and is majorly affecting sales of existing real estate too. This huge house in a relatively upscale Fontana subdivision was built only 3 years ago, and is listed for $452,900. At less than $110 per square foot, this house is actually cheaper than the cost of construction. The foreclosee paid $622,000 for this house when it was brand new (12/22/2005), and Zillow.com now estimates that it is worth just $483,000.

With just a fresh coat of paint and some landscaping updates, this house will be a fantastic residence for a large family. It could likely be rented for about $2,500 to $3,200 per month, which would allow an investor to just about break even, as long as no unexpected expenses arise. Alternately, this REO provides a good opportunity for a homeowner to get into a large house at a good price while the market is down.

The basics...
Address: 10831 Saffron Street, Fontana, CA 92337
Current Listing Price: $452,900
PREVIOUS Sale Price: $622,000 (12/22/2005)
Size: 5 Bedrooms, 3.5 Bathrooms; 4,209 square feet
Lot: .23 acres

http://www.realtor.com/realestate/fontana-ca-92337-1099644208/

St. Louis, MO Bungalow

2008-07-28T00:05:00.000-07:00

St. Louis, effectively the western annex of the Great Lakes’ area Rust Belt, is coming down with REO fever nearly as fast as Cleveland and Detroit. This classic brick St. Louis bungalow is listed for just $9,900, a small fraction of $87,500, what its previous owner paid less than two years ago (11/30/2006). Zillow.com estimates that this house is currently valued at $81,500 (which seems like quite a stretch in this market).

With a basic light rehab costing $5,000 to $10,000, this house could make a great rental property. A 2-bedroom house in this north side neighborhood could be rented for between $600 and $700 per month, so it would totally pay for itself, including all rehab costs, in about 3 years. Properties priced this low are great opportunities for beginning investors to get into the market. If you’re looking for an entry-level cash investment in St. Louis, be sure to check out this REO.

The basics...
Address: 5920 Lucille Avenue, St. Louis, MO 63136
Current Listing Price: $9,900
PREVIOUS Sale Price: $87,500 (11/30/2006)
Size: 2 Bedrooms, 1 Bathroom; 1,075 square feet
Lot: .10 acres

http://www.realtor.com/realestate/st+louis-mo-63136-1099693617/

Milwaukee, WI Bungalow

2008-07-25T00:08:00.000-07:00

This cute Milwaukee bungalow is listed for $19,900, less than a fifth of its Zillow.com estimated value of $108,000. The house is situated on the northwest side of Milwaukee in a tidy residential neighborhood. The foreclosee here paid $54,000 for this house several years ago (9/17/2001).

This REO appears to be in decent condition overall, and will likely just need some basic cosmetic and finish work costing about $3,000 to $5,000. This could be a great opportunity for an owner-occupant to own a house for far cheaper than the cost of renting one, or it could be a good investment opportunity. This house could be rented for $650 to $850 per month, delivering outstanding cashflow. If you’re in the area and looking for a decent deal, check out this place.

The basics...
Address: 4863 N 49th Street, Milwaukee, WI 53218
Current Listing Price: $19,900
PREVIOUS Sale Price: $54,000 (9/17/2001)
Size: 3 Bedrooms, 1 Bathroom; 1,080 square feet
Lot: .14 acres

http://www.realtor.com/realestate/milwaukee-wi-53218-1098753654/

Oakland, CA Bungalow

2008-07-24T00:53:00.001-07:00

This charming Oakland bungalow is situated on the east side and is listed for only $104,900. Tons of original detail remains in this house, built in 1917. Zillow.com estimates that this house is worth $261,000. The previous owner paid $142,500 for this house two years ago (7/25/2006); at that price, it is likely that the transaction was an arm’s length transaction, such as a transaction between relatives (in 2006 a house like this would have easily sold for over $400k).

In the strong Bay Area economy, this REO poses an amazing opportunity for a first-time homebuyer or an investor. With some minor updating (probably about $5,000), this house will be ready for occupancy. This is a clean, well-maintained block, and the house could be rented for $1,000 to $1,200 per month, covering the mortgage and other expenses. This house is available at its late 1990s price, so it is definitely worth a look for any Northern California REO shopper.

The basics...
Address: 5416 Wadean Place, Oakland, CA 94601
Current Listing Price: $104,900
PREVIOUS Sale Price: $142,500 (7/25/2006)
Size: 2 Bedrooms, 1 Bathrooms; 886 square feet
Lot: .07 acres

http://www.realtor.com/realestate/oakland-ca-94601-1101036748/

Cleveland, OH Colonial Revival

2008-07-23T00:10:00.000-07:00

This spacious Cleveland colonial revival, only a 5 minute walk to the shore of Lake Erie, was built in the late 1990s and is listed for $60,600. Although the Euclid Beach area of the North Collinwood neighborhood is a bit rougher here than a mile further east, it is not horrible, and could be a decent place for either an owner-occupant or investor. The last owner paid $165,000 for this house (2/18/2004) and Zillow.com now estimates that it is worth $160,500.

In addition to being close to the lake, this house is only a short drive to downtown Cleveland. A house like this could easily rent for $800 or more, easily covering the mortgage and delivering positive cash flow for an investor. This REO will need some work, likely costing $5,000 to $10,000, but the fact that it is a newer house makes it pretty desirable in this area.

The basics...
Address: 16012 Damon Avenue, Cleveland, OH 44110
Current Listing Price: $60,600
PREVIOUS Sale Price: $165,000 (2/18/2004)
Size: 3 Bedrooms, 2.5 Bathrooms; 1,460 square feet
Lot: .11 acres

http://www.realtor.com/realestate/cleveland-oh-44110-1101508258/

Denver, CO Contemporary

2008-07-22T10:04:00.000-07:00

This two-story contemporary house in Denver is situated in a well-maintained development of similar late 1990s houses, and is now listed for $121,900. The previous owner paid $195,000 for this house (9/16/2004), and Zillow.com now estimates that it is worth $166,000.

This REO, unlike some, is in great condition and needs little or no work prior to occupancy. It could be a great starter house for an owner-occupant. Alternately, it could be a good investment property, bringing in $1,300 to $1,500 per month, easily covering the mortgage and other expenses while delivering positive cash flow. For a buyer who is looking for a newer house at a great price, check out this one.

The basics...
Address: 21428 East 41st Place, Denver, CO 80249
Current Listing Price: $121,900
PREVIOUS Sale Price: $195,000 (9/16/2004)
Size: 3 Bedrooms, 3 Bathrooms; 1,400 square feet
Lot: .10 acres

http://www.realtor.com/realestate/denver-co-80249-1100673793/

Riviera Beach, FL Townhouse

2008-07-21T00:05:00.000-07:00

This attractive townhouse in the Thousands Oaks condo-minium complex in Riviera Beach is only four years old and is listed for $113,900. The unlucky foreclosee paid $305,000 for this condo at the peak of the bubble (5/31/2006). Zillow.com estimates that this condo is now worth $209,000… almost twice the current listing price. The complex has great amenities and is convenient to I-95, the major east coast highway.

For a first-time buyer, this REO presents an amazing opportunity to become a homeowner with a payment at or below the cost of renting. For an investor, this townhouse could be rented for about $1,200 to $1,300 per month, easily covering the monthly mortgage and other expenses. This REO needs minimal work to be ready for its next occupant -- basic paint and finish work for a few thousand dollars will have this condo looking good as new. Riviera Beach, less than an hour drive north of Fort Lauderdale, is a hot destination for snow birds and retirees alike, and will likely prove to be a good choice for long-term real estate investment.

The basics...
Address: 2045 Oakhurst Way, Riviera Beach, FL 33404
Current Listing Price: $113,900
PREVIOUS Sale Price: $305,000 (5/31/2006)
Size: 3 Bedrooms, 2 Bathrooms; 2,203 square feet

http://www.realtor.com/realestate/riviera+beach-fl-33404-1100304278/

Providence, RI Triplex

2008-07-18T00:09:00.000-07:00

To look at the dramatic price swings in the Providence real estate market, one might guess it’s a city in California rather than New England. This classic Providence three-level triplex is listed for $103,900, or about 40% of its last sale price of $262,500 (5/12/2006). Zillow.com estimates that this REO is currently worth $241,500.

With some basic renovation work, likely costing about $10,000 to $15,000, this triplex could be a great income producer for an investor, or it could be an excellent opportunity for an owner-occupant to live for free while tenants in the other two units pay the mortgage. Each 2-bedroom unit in the Mount Pleasant neighborhood can be expected to rent for $650 to $850 per month. That means that this place, fully leased, would generate about $2,000 per month or more. For a great ROI opportunity, check out this REO.

The basics...
Address: 46/48 Harvest Street, Providence, RI 02908
Current Listing Price: $103,900
PREVIOUS Sale Price: $262,500 (5/12/2006)
Size: 6 Bedrooms, 3 Bathrooms; 2,407 square feet
Lot: .08 acres

http://www.realtor.com/realestate/providence-ri-02908-1099677553/

Richmond, VA Colonial Revival

2008-07-17T07:50:00.000-07:00

This fully detached 3-bedroom Richmond house is very convenient to downtown and is listed for just $120,900. The foreclosee paid $191,000 for this house less than two years ago (12/2/2006), and Zillow.com estimates that it is worth $257,000 --- more than two times its current listing price. Situated in one of the better real estate markets in the US, Richmond is seeing very little or no decline in value in most areas, and the local economy is good.

With some basic sprucing up, this could be a great house. This house could be rented for about $1,500 per month, easily covering expenses and a generating a small positive cashflow. This house is worth a look for anyone looking to invest in the region or become an owner-occupant in an area with a strong economic outlook.

The basics...
Address: 2025 Idlewood Avenue, Richmond, VA 23220
Current Listing Price: $120,900
PREVIOUS Sale Price: $191,000 (12/5/2006)
Size: 3 Bedrooms, 1.5 Bathrooms; 1,962 square feet
Lot: .08 acres

http://www.realtor.com/realestate/richmond-va-23220-1101113389/

Columbus, OH Duplex

2008-07-16T00:48:00.000-07:00

This big duplex in the desirable Olde Towne East neighbor-hood of Columbus is listed for $9,900. Just a block away from Franklin Park, this REO is in a location that makes it a great place for an investor or owner-occupant. The last owner paid $84,000 for it several years ago (5/22/2002), and Zillow.com estimates this duplex to be worth $160,000 currently (yes, its current listing price is about 6% of its Zestimate).

This duplex will require some thorough renovation work, likely costing $30,000 to $40,000. Even with this expense, this place could prove to be a great long-term investment. The Olde Towne East neighborhood is one of the most up-and-coming neighborhoods in Columbus, and Columbus has a strong economy despite the fact that it’s in a state with a particularly troubled economy. Each unit of this duplex could be rented for $550 to $700 per month after renovation, delivering fantastic cash flow potential. A property like this is perfect for a beginning investor --- after paying cash for a property like this, a new investor can work on the property at his or her own pace, one unit at a time until both units are fully renovated and rented. This one is a hot buy and is worth a look for anyone in this region.

The basics...
Address: 1527/1529 Oak Street, Columbus, OH 43205
Current Listing Price: $9,900
PREVIOUS Sale Price: $84,000 (5/22/2002)
Size: 4 Bedrooms, 2 Bathrooms; 2,254 square feet (total for 2 units)
Lot: .13 acres

http://www.realtor.com/realestate/columbus-oh-43205-1094641723/

Sacramento, CA Townhouse

2008-07-15T00:05:00.000-07:00

Sacramento has certainly seen its share of wild ups and downs in the real estate market. In this major downswing, we’re seeing REO properties selling for prices not seen for 10-15 years in this area. This 3-bedroom townhouse condominium is listed for $49,000, more than 60% lower than its current Zillow.com estimated value of $136,500. The foreclosee paid $175,000 for this place about two and a half years ago (11/30/2005). At its peak value a few years ago, Zillow.com estimated this place at a whopping $239,000.

This condo is not in the greatest neighborhood, but it could be a fantastic rental property for an investor looking for cash flow. A few minor repairs and cosmetic updates will be required, with a likely cost of about $3,000 to $5,000. This townhouse could be rented for $1,000 per month… with a total monthly payment of under $700 (mortgage, taxes, HOA), this investment would generate a decent cash flow as long as it is occupied steadily. Now is the chance for a beginning investor to get into the market – once REO fever has passed it will likely be difficult to break into the market once again; check out this property if you’re in the Sacramento area and ready to start investing in rental properties.

The basics...
Address: 66 Creeks Edge Way, Sacramento, CA 95823
Current Listing Price: $49,000
PREVIOUS Sale Price: $175,000 (11/30/2005)
Size: 3 Bedrooms, 1.5 Bathrooms; 1,323 square feet

http://www.realtor.com/realestate/sacramento-ca-95823-1100571391/

Des Moines, IA Bungalow

2008-07-14T00:40:00.001-07:00

Although it’s less common here than on the coasts, the southwest, and the rust belt, REO fever is, in fact, hitting the heartland too. This old (ca. 1870) 3-bedroom bungalow on the near-east side of Des Moines is listed for $29,900 --- less than half of its previous sale price of $61,500 (2/8/2005). Zillow.com estimates that this house is now worth $75,000.

The house needs some work, but could be a good starter house or investment property. For about $10,000 to $15,000 of basic work, this house could really shine, and could be rented for $700 to $900 per month, easily delivering substantial positive cash flow, even after renovation work expenses are considered.

The basics...
Address: 913 East Washington Avenue, Des Moines, IA 50316
Current Listing Price: $29,900
PREVIOUS Sale Price: $61,500 (2/8/2005)
Size: 3 Bedrooms, 1 Bathroom; 912 square feet
Lot: .09 acres

http://www.realtor.com/realestate/des+moines-ia-50316-1099354129/

Redwood City, CA Ranch

2008-07-11T00:10:00.000-07:00

This cozy ranch on the San Francisco Peninsula is listed for just $294,900. This is one of the lowest priced properties in Redwood City, and offers a great opportunity to be located close to San Francisco and the Silicon Valley/San Jose. Most of the Redwood City houses priced lower than this are either in very poor condition or have location issues (ie they face the CalTrain tracks). The previous owner paid $539,000 for this house around the peak of the real estate rush (7/27/2005), and Zillow.com now estimates that this house is worth $489,500 (down almost $100k from its peak 2006 value estimate).

Though this REO will need some updating and cosmetic work prior to occupancy, it looks like a decent house, and the new owner can probably get it into pretty good shape for $10,000 or less… new carpet/paint, landscaping, and a few repairs should do the trick. This house could be rented for about $2,000 per month, or could be a great opportunity for an owner-occupant. This, like most REOs in the Bay Area, seems like a strong investment for a buyer who can wait out the current slump. As people continue to migrate to the Bay Area, property values will continue to climb in the long run, and demand for housing in the more desirable areas (like the Peninsula) will be strong. This one is definitely worth a look.

The basics...
Address: 554 Stanford Avenue, Redwood City, CA 94063
Current Listing Price: $294,900
PREVIOUS Sale Price: $539,000 (7/27/2005)
Size: 2 Bedrooms, 1 Bathroom; 760 square feet
Lot: .06 acres

http://www.realtor.com/realestate/redwood+city-ca-94063-1101248467/

Las Vegas, NV Spanish Colonial Revival

2008-07-10T00:02:00.000-07:00

Las Vegas was probably the epicenter of recent years’ speculative residential building and investing. Not surprisingly, lots of newer houses (5 years old or younger) are on the REO lists now. This 2-bedroom Spanish Colonial Revival (yes, calling it that is a bit of a stretch, but it does have two stories and has a stucco exterior so it kind of fits the bill) in a 2004 development is now listed for $99,900; that’s less than half of its previous selling price of $225,000 (10/11/2005). Zillow.com estimates this house to be worth $185,500. This house, like those in so many of the recently developed tracts of the city, sits on a tiny lot; unlike many newer houses in this type of development, however, it has a 2-car garage (big selling point in a city where the sun can turn a car into an oven on wheels).

This REO is in overall good shape, and would need just minor cosmetic updating before moving in or renting the house to a new tenant. $2,500 to $5,000 would cover the cost of new carpeting, paint, and general cleaning. The house could rent for $1,000 per month, give or take a little, which would easily cover the mortgage and possibly even provide positive cash flow (especially if the buyer manages it himself). There are a lot of rental properties on the market presently, but vacancies do get filled in this city, largely because so many people are rejoining the ranks of renters as they face foreclosure (or just walk away from their houses because they’re so far upside-down). This house could be a great opportunity for an owner-occupant or investor who is willing to buy now and wait out the market for a few years while the tenant foots the mortgage bill!

The basics...
Address: 3668 Moonlit Beach Avenue, Las Vegas NV 89115
Current Listing Price: $99,900
PREVIOUS Sale Price: $225,000 (10/11/2005)
Size: 2 Bedrooms, 2.5 Bathrooms; 1,418 square feet
Lot: .05 acres

http://www.realtor.com/realestate/las+vegas-nv-89115-1097400374/

Minneapolis, MN Bungalow

2008-07-09T00:38:00.000-07:00

In the heart of the Midwest, REO fever is taking recently-thriving neighbor-hoods by storm. This cute 3-bedroom brick bungalow in Minneapolis is listed for $32,900… that is less than a fifth of its current Zillow.com estimated value of $179,500. This house, like many in the neighborhood just northwest of downtown, sold a few years ago for a rather high price around the peak of the real estate price bubble; the last sale on this one was $200,000 (4/22/2005). The REO prices we’re seeing in this area today are comparable to prices here over 15-20 years ago.

From the looks of things, this house is pretty much intact (including plumbing/mechanical) and just needs some cosmetic updating. For about $5,000 for new finishes and fixtures, this house could shine and would make an excellent, low-maintenance rental property that would rent for $1,000 to $1,400 per month, offering awesome cash flow. Alternately, an owner-occupant could live here for less than half the cost of renting a comparable house. Compared to many other Midwestern cities, Minneapolis has quite a bit going for it; its strong economy makes it a safe bet for long-term real estate investment, so this property is worth a look.

The basics...
Address: 1023 Upton Avenue N, Minneapolis, MN 55411
Current Listing Price: $32,900
PREVIOUS Sale Price: $200,000
Size: 3 Bedrooms, 1 Bathroom; 1,468 square feet
Lot: .13 acres

http://www.realtor.com/realestate/minneapolis-mn-55411-1100281393/

Palm Springs, CA Ranch

2008-07-08T00:12:00.001-07:00

In the prominent desert city of Palm Springs, this newer (built in 2005) 3-bedroom ranch has a lot to offer, listed at $154,900. Because Palm Springs has both amazing desert views and is considered a major point of interest for mid-century modern architecture, the city has an extremely strong tourism base. This house’s previous buyer paid $294,000 (10/20/2005), and Zillow.com now estimates that this house is worth $217,000 (but that seems to be falling quickly).

The finishes in this house appear to be pretty nice, and the house does not require renovation or repair work. It could likely be rented for $1,100 to $1,500 per month, just about covering the mortgage. This house is part of a newer development on the outskirts of the city; it is not particularly close to the well-known mid-century architecture, and it is situated in a rather windy part of town, but it is an ideal residence for a person who works in Palm Springs and wants to live in a spacious house away from the heart of the downtown area. Palm Springs is seeing a ton of foreclosure activity these days, as is much of California. For a buyer who wants to buy and hold for a while though, this could be a great opportunity. You can get this place, only three years old, for about half the price of what a builder would charge for a newly constructed house of this size.

The basics...
Address: 22122 Purple Sage Drive, Palm Springs, CA 92262
Current Listing Price: $154,900
PREVIOUS Sale Price: $294,000
Size: 3 Bedrooms, 2 Bathrooms; 1,481 square feet
Lot: .17 acres

http://www.realtor.com/realestate/palm+springs-ca-92262-1097640024/

Queens, NY Bungalow

2008-07-07T00:08:00.000-07:00

This bungalow in a nice area of Jamaica (Queens) might not have the best curb appeal on the block, but it has lots of potential, and has a decent amount of space for the money. This 5-bedroom fully-detached (free-standing) house is listed for $295,900; the foreclosee paid $480,000 for it not even two years ago (9/26/2006). Zillow.com estimates that this house is worth $507,000. The biggest drawback appears to be that the property backs up to the Long Island Railroad track right-of-way.

This house could be a great rental property for a particular reason: it has five bedrooms. Apartments and houses with 2 to 4 bedrooms are usually pretty easy to find in Queens, but 5+ bedrooms are few and far between --- giving the property owner a major advantage. This house could be rented for $2,000 or more per month, likely comfortably covering the mortgage. Alternately, this house might be a great candidate for an owner occupant or a flipper --- minor rehab and sprucing could make this house shine. Enhancing the curb appeal of the house and doing a quick and simple rehab all around might cost $30,000 or so, but could probably turn more than twice that in profit when it is time to resell in a couple of months, if one chooses to go that route.

The basics...
Address: 118-18 Marsden Street, Jamaica, NY 11434
Current Listing Price: $295,900
PREVIOUS Sale Price: $480,000
Size: 5 Bedrooms, 1 Bathroom; 1,200 square feet
Lot: .07 acres

http://www.realtor.com/realestate/jamaica-ny-11434-1100508363/

Phoenix, AZ Ranch

2008-07-04T11:12:00.000-07:00

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/

Atlanta, GA Ranch

2008-07-03T00:20:00.000-07:00

REO fever is really spreading around Atlanta these days… REO houses, like this 2-bedroom ranch listed for just $14,900, are commonly selling for 10-20% of their typical prices of just 2 or 3 years ago. This house is in decent condition and is of full brick construction, making termite worries less of a concern. Situated very near Fort McPherson in a stable neighborhood, this one last sold for $95,000 over five 5 years ago (5/5/2003). Zillow.com estimates that this house is worth $142,500 (down quite a bit from its peak Zestimate of $205,000, circa 2006).

This presents a fantastic opportunity for an owner-occupant who wants to spend very little for his or her own housing; this house costs about as much as a new Toyota Yaris! A 2-bedroom single like this will easily rent for $700 to $800 in this strong rental market --- for an investor, the house will fully pay for itself in less than three years! That is the best ROI one will likely see outside of the rust belt. What makes Atlanta so lucrative for REO investing is that its economy is still going strong. This house can now be had for a price not seen for over 20 years. That fact combined with the great potential for cash flow here makes this one a real winner for anyone looking to invest in this region.

The basics...
Address: 1370 Westmont Road SW, Atlanta, GA 30311
Current Listing Price: $14,900
PREVIOUS Sale Price: $95,000
Size: 2 Bedrooms, 1 Bathroom; 1,050 square feet
Lot: .17 acres

http://www.realtor.com/realestate/atlanta-ga-30311-1097523472/

Chicago, IL Bungalow

2008-07-02T00:48:00.000-07:00

This 5-bedroom bungalow in Chicago’s south side Roseland neighbor-hood appears to be a great value, listed at $29,900. Although this house is flanked by vacant lots, most of the street’s 19th century houses are intact and appear to be maintained and occupied. The foreclosee paid $172,500 for this house about five years ago (4/2/2003), and Zillow.com estimates that this house is now worth $167,000 (over five times higher than its current listing price).

A thorough but simple renovation of this house would run $20,000 to $30,000 (less if you scrimp), and the house could rent for $1,300 to $1,500 per month (good section 8 candidate), offering an excellent ROI for an investor. Alternately, it could be a good place to buy, rehab and sell on a land contract or rent-to-own sort of deal. This house needs some work, but could certainly prove to be worth the effort. Roseland has received some negative attention for its crime in the past, but for an investment property, it can be a great opportunity as long as you can get onto a relatively stable block.

The basics...
Address: 128 West 103rd Place, Chicago, IL 60628
Current Listing Price: $29,900
PREVIOUS Sale Price: $172,500
Size: 5 Bedrooms, 1 Bathroom; 936 square feet
Lot: .07 acres

http://www.realtor.com/realestate/chicago-il-60628-1098401124/

Panorama City, CA Ranch

2008-07-01T00:11:00.000-07:00

Situated in a pleasant and well-maintained neighbor- hood, this cute Panorama City 2-bedroom ranch is listed for $239,900. The San Fernando Valley, north of Los Angeles, is typical of many areas that saw booming real estate values in recent years… a wave of foreclosures is now allowing many house buyers to get into properties at exceptionally reasonable prices compared to what one could get 2 or 3 years ago. This house’s last owner paid $430,000 for it (11/1/2006), and Zillow.com now deems this house to be worth $340,000 --- that is over 40% higher than the current listing price.

It appears that this place is in good condition, and is pretty much ready for occupancy, so little or no time or money will be wasted with renovation work or repairs. The house is situated on a nice lot and has a [sort of rough-looking] shed and a charming gazebo. The garage has already been converted to a third bedroom, but there is a good chance that this was done without a permit, so it can’t be counted as actual living space. This house could be rented for $1,500 to $1,800 which could make it a decent rental property for an investor. Or alternately, an owner-occupant could enjoy a nice home for about the cost of renting a comparable place, and get pretty good tax breaks while building long-term equity to boot.

The basics...
Address: 15219 Cantara Street, Panorama City, CA 91402
Current Listing Price: $239,900
PREVIOUS Sale Price: $430,000
Size: 2 Bedrooms, 1 Bathroom
Lot: .14 acres

http://www.realtor.com/realestate/panorama+city-ca-91402-1100599943/

South Orange, NJ Ranch

2008-06-30T00:20:00.000-07:00

Although foreclosures are far more common in working class and lower-middle class neighborhoods where sub-prime mortgages were more common, they’re also happening in upper-middle class and wealthy areas at an increasing rate these days. This 4-bedroom expanded ranch on over a third of an acre in relatively affluent South Orange Village Township is listed at $639,900, discounted more than 25% from Zillow.com’s value estimate of $864,500. South Orange, in Essex County, is home to Seton Hall University. Just about three years ago, the foreclosee-to-be bought this house for $780,000 (7/25/2005).

This house is not the type of house that is generally held as rental property… in fact, an online scan of craigslist and other sites revealed no comparable homes for rent in South Orange, so it is difficult to estimate what its rental value would be. It seems unlikely that this place could be rented for enough to cover a mortgage of this magnitude though. But for the owner-occupant, this place could be a great-find for a Seton Hall faculty member or an NYC commuter looking for a family home in a suburban location --- it’s only a 20 mile drive to Manhattan. Although the days of double-digit property value increases in this area are gone now, a house like this in a neighborhood like this seems like it will retain its value well in years to come because A) it’s the perfect commuting distance from the economic powerhouse of NYC (far enough away to be comfortable for dedicated suburbanites but close enough to facilitate a reasonable commute) and B) it’s in a community that is very stable and well maintained, with just the right amount of prestige and history.

The basics...
Address: 190 Northwoods Drive, South Orange Village Twp., NJ 07079
Current Listing Price: $639,900
PREVIOUS Sale Price: $780,000 (7/25/2005)
Size: 4 Bedrooms, 3 Bathrooms
Lot: .34 acres

http://www.realtor.com/realestate/south+orange+village+twp-nj-07079-1099434563/

Detroit, MI Bungalow

2008-06-27T00:56:00.000-07:00

For less than the cost of a decent used car, you can snag a 3-bedroom bungalow in Detroit. Listed at $1,900, this intact house is actually quite typical of some of the REO deals in this troubled city. At $1,900, this place is priced about 98% lower than its Zillow.com estimated value of $82,500! Clearly Zillow.com has an overly optimistic view of many properties, but this one takes the cake. The former owner paid $78,000 for the place just a few years ago (10/29/2004).

From the looks of things, this house is generally intact and is in need of some work. An educated guess here is that $7,000 to $10,000 of work will get this place into great shape. So, $1,900 + $7,000 = $8,900… for a renovated house (albeit in Detroit). The neighborhood does not look half bad though, so this place could make a decent rental property. This block and the surrounding blocks, unlike many parts of Detroit, appear to have mostly intact houses… not tons of vacant lots (one downside, however, is that there appears to be an auto junkyard a block away). It looks like this house could rent for $600 per month in this market – paying for itself (including renovations) in a little over a year. BUT, the ongoing decline of the auto-centric local and regional economy likely means that vacancy rates will continue to climb in Detroit… so, if you find yourself struggling to find a tenant, you’d have to drop your rent a bit or deal with it sitting vacant for a while (not a good idea in a city known for lots of copper theft and vandalism). It could be decades before Detroit’s economy is chugging along at a decent pace again. But still… it’s only $1,900(!!)… This place might be a good buy for an investor interested in buying and reselling on a land contract, rent-to-own, or similar scenario after some basic renovation work. Definitely worth a look if you’re in the area.

The basics...
Address: 9394 Lauder Street, Detroit, MI 48228
Current Listing Price: $1,900
PREVIOUS Sale Price: $78,000
Size: 3 Bedrooms, 1 Bathroom; 930 square feet
Lot: .11 acres

http://www.realtor.com/realestate/detroit-mi-48228-1099748784/

Cape Coral, FL Ranch

2008-06-26T00:24:00.000-07:00

If you can stand the heat and humidity of southern Florida, this comfortable 3-bedroom ranch might be worth a look. Priced at $139,900, it is well below Zillow.com’s value estimate of $205,000. According to the realtor’s description, this place is in good condition and is move-in ready (except for the 90s-fab thing going on… especially the kitchen --- see pics), so no time or money need be spent on renovations or repairs here. It even has a pool!! This place sold for $150,000 over five years ago (3/4/2003), so you can now get it at the price it would have been worth in 2001 or 2002. The neighborhood seems pretty typical, with room for development as new houses are built on the vacant lots that are scattered around the area.

A place like this would rent for about $900 per month, so it might be tough to get positive cash flow out of this house --- seems like it might be a better find for a potential owner-occupant. As baby-boomers continue to retire and head to places like Florida, prices seem likely to rebound and continue to climb at a reasonable pace.

The basics...
Address: 2519 SW 23rd Avenue, Cape Coral, FL 33914
Current Listing Price: $139,900
PREVIOUS Sale Price: $150,000
Size: 3 Bedrooms, 2 Bathrooms; 1,520 square feet
Lot: .25 acres

http://www.realtor.com/realestate/cape+coral-fl-33914-1100617488/

San Diego, CA Condo

2008-06-25T07:45:00.000-07:00

It might not be the most charming or stunning unit in SoCal, but this 1-bedroom condo in the City Heights area of San Diego seems like it could be a winner anyhow, listed at $79,900. It looks like it needs just minor cosmetics (paint/carpet), which on a place like this should run about $2,500. Interestingly, the bank that’s trying to unload this REO is offering a $2,500 credit toward the buyer’s closing costs (hmmm). This condo sold for $132,000 five years ago (5/22/2003). Zillow.com values this place at $190,500… well over twice its current listing price.

City Heights is a diverse part of San Diego with a strong rental market. For an investor, this condo would rent for $750 per month, so when HOA dues ($120 per month) and a mortgage payment (including taxes) are taken into account, this place would be just about break-even. Despite the lack of present cash flow, it still seems like it could be a strong investment – there is no shortage of people lining up to move to San Diego, so it seems likely that prices here will fully rebound in the next 5-10 years.

The basics...
Address: 3762 43rd Street, Apt. 4, San Diego, CA 92105
Current Listing Price: $79.900
PREVIOUS Sale Price: $132,000
Size: 1 Bedroom, 1 Bathroom; 576 square feet

http://www.redfin.com/CA/San-Diego/3762-43rd-92105/unit-4/home/5503642

Chelsea, MA Colonial Revival

2008-06-24T19:27:00.000-07:00

I'm not sure why some people think that using as much vinyl siding on a house as physically possible is ever a good idea, but I'll just let it slide on this spacious colonial revival nestled in Chelsea, just a few minutes from the center of Boston. Listed for just $145,000, this big 4-bedroom house appears to be move-in ready (the realtor even boasts that it has new carpeting... unusual for an REO, but whatever). This place last sold for $275,500 a few years ago (12/2/2004). In the opinion of Zillow.com, this house is now worth $299,900.

In this convenient area, a house like this would rent for about $2,000 per month; with a mortgage payment, including taxes, of $1,200 to $1,400, this place would deliver positive cash flow to an investor. A big bonus is that it appears to be basically turn-key... meaning buy it and move right into it or rent it out right away... no time and money spent on renovations or repairs up front.

The basics...

Address: 85 Marlborough Street, Chelsea, MA 02150

Current Listing Price: $145,000

PREVIOUS Sale Price: $275,500

Size: 4 Bedrooms, 2 Bathrooms; 1,600 square feet

Lot: .04 acres

http://www.realtor.com/realestate/chelsea-ma-02150-1098836698/

Cleveland Heights, OH Colonial Revival

2008-06-23T23:34:00.000-07:00

Here in Cleveland Heights, a charming, well-maintained suburb directly east of Cleveland, we find a tidy colonial revival on a good-sized corner lot listed for $19,900. This house, unlike many REOs, was not bought by its previous owner at the peak of the bubble at an outrageous price, but rather sold over 10 years ago, at a modest price tag of $55,300 (9/17/1996). Zillow.com, however, believes this house to be worth $115,000 currently.

In this well-kept neighborhood, a house like this would rent for $750 to $1,000 per month -- a place like this could totally pay for itself in as little as 2 years (3 or 4 if it ends up needing any serious work, which seems unlikely given the property's description); even though it's in an economically challenged region of the US, it seems like it would be a pretty worthwhile investment. Realistically, this house is now available at its 30- or 40-years ago price.

The basics...
Address: 4019 Elmwood Road, Cleveland Heights, OH 44121
Current Listing Price: $19,900
PREVIOUS Sale Price: $55,300
Size: 3 Bedrooms, 1.5 Bathrooms; 1,351 square feet
Lot: .11 acres

http://www.realtor.com/realestate/cleveland+heights-oh-44121-1099677093/

Richmond, CA Ranch

2008-06-23T18:36:00.000-07:00

Here's a rather cute mid-century ranch in a not-so-horrible part of Richmond, CA (in the East Bay -- north of Oakland, just east of Marin County) listed for a mere $64,900 -- That's less than 20% of its peak "bubble" price of $385,000 (8/24/2007)! What might sound too-good-to-be-true really has become commonplace here in recent months. In its usual, overly optimistic way, Zillow.com still thinks this place is worth $328,000.

Based on a survey of craigslist rental ads, a house like this could probably rent for $1000 to $1200 a month, delivering positive cash flow for an investor, considering a mortgage payment, including taxes, would likely be around $600 to $700 per month. Based on what is shown in the listing info, the place appears to be in pretty decent condition, but needs cosmetics (the usual makeover... carpet, paint, finishes) and bathroom fixtures. For what would likely amount to about $5,000 to $8,000 this place will shine.

Over the course of the past 6 months, prices have fallen so far in some parts of the Bay Area that it is possible for nearly anyone to buy a house. As recently as a year or two ago, people who could not afford a few hundred thousand for a modest place in a remote location were excluded, unless they person chose a wildly creative mortgages that never really got them any closer to having any equity in the property and only set them up for disaster when the bubble popped.

The moral of the story is that places like this will likely prove to be fantastic investments -- a person can get a house like this for its 10-years-ago price and wait out the market, living in or renting out the house in the meantime. People continue to move to the Bay Area, and the projections show this to continue for decades to come, meaning that in the long run, demand for housing will continue to grow and prices will rebound (eventually) to their previous heights.

The basics...
Address: 579 8TH ST, Richmond, CA 94801
Current Listing Price: $64,900
PREVIOUS Sale Price: $385,000
Size: 2 Bedrooms, 1 Bathroom; 950 square feet
Lot: .06 acres

http://www.realtor.com/realestate/richmond-ca-94801-1100165336/