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Old 03-19-2017, 03:34 PM
 
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Quote:
Originally Posted by itsaspicypizaa View Post
Still making up mind. Neighborhood is not well kept thought house is nice inside. Debating.
Well, it doesn't sound as if you will lose money.

Just go into it with your eyes open. You will never make money hand over fist in Marumsco. If you want to turn a profit in 5 years or something, not going to happen. I do believe that this part of Woodbridge will slowly upgrade based on the Rt. 1 corridor improvements but I suspect you won't see any appreciable improvement for 20 years. It's never going to turn into Arlington where those old, tiny homes become valuable. It would taken an entire redevelopment with business centers in Woodbridge to make that happen.

But if you get the house cheap enough, it will probably generate decent rental income.
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Old 03-19-2017, 04:08 PM
 
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I'm not familiar with Marumsco Village but there's a lot of improvements being made to Route 1 but as it's been stated, it will be probably about a decade before it's all fully cleaned up.

In the long run, I think it would be a good investment especially if you have the money upfront but Woodbridge isn't like Arlington or Tysons - you won't buy a home at a fairly low price and 10-20 years later be able to sell it for $800,000 or $900,000 but I do think with the project to fix up the Route 1 corridor, I think it's going to push up property values quite a bit. With that said, there's still a lot of uncertainty so I would learn all the facts before buying it, even if you're going to pay cash.
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Old 03-21-2017, 01:49 PM
 
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The seller is not letting it go for $50,000 below its value. He is unable to sell the house because of the bad neighborhood so he is slashing the price to get out. You can probably make money as a landlord but you will have lots of hassles and it won't be a passive investment where you just collect rent checks. You will be dealing will renting to extended families and groups of unrelated people who won't sign a lease, speak poor English, and might just disappear leaving a house full of junk.
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