Just when I was looking to venture out on something totally different with the investment money I allot to buy and fix houses to sell, another house damn near fell into my lap. Will have before pictures in a few days and progress pictures over the next 3 or so months if my inspection of this house still justifies the repair and remodel expense to follow through and buy it. Deposit in escrow and have 10 day inspection period. In a nice established neighborhood and backyard is on one of the fairways of a private golf course. Just major deferred maintenance and severely dated, but, hasn't been touched much (no butcher job remodeling to deal with) since it was built in 1963.
There is a 2br one bath house on a 100' x 150' lot a few blocks from me for $13,000. Been for sale for 2 years. Completely redone, it might bring $25,000Not worth messing with. And yes, real estate can be that cheap here.
For example. A house on my block sold for $8,100 20 years ago. It has now been rewired, reroofed, replumbed, has a new furnace and A/C. It was appraised last year at $19,000.
I added a billiard room a few years ago to my house, and was 450 sq. ft, and cost me nearly $30K just for the concrete, wood, drywall and wiring. And it doesn't have the 1/4 acre that your property has.
I was in a real estate agent's office a few years ago and he was talking to someone from Aspen. He told them he had a fixer upper for $25,000 and they said they couldn't furnish a closet for $25,000 in Aspen.
A friend from San Bernadino bought a house here about 5 years ago. It is a 3 br, 2 bath with a finished basement and a 2 car attached garage on 2+ acres out in the country. She gave $52,000. And it was ready to live in.
But the average wage here is only about $10 an hour, and taxes and utilities are high.