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Old 08-10-2012, 08:24 PM
 
15,833 posts, read 18,470,538 times
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Quote:
Originally Posted by Demps View Post
I am looking at buying a cute little 1,200 square foot house that is in pretty good shape. The house is about 30 years old. The home needs a little bit of work. It would cost me about 5,000 to get the home in real good shape. The only problem I really have with buying the house is that the house is located in a shabby and rundown area. One of the neighbors has a nice property but the other neighbor on the other side does not take care of thier property. The 3 houses directly across the street are rentals that have junk all around the front and back yards. There is also a run down apartment complex about 200 feet from the home that is for sale.

I could buy this property for a really good price. I guess the main question is should I go ahead and buy this relatively nice little home and live in the ghetto or should I just wait to buy a home in a nicer area. If I wait I might find a home in a nicer area but I will probably have to pay 20,000 to 30,000 dollars more for the home. Is it really worth it to pay 20,000 to 30,000 dollars more for a home if the home is in a better area and not in the ghetto.
These are questions only you can answer. If it is worth it to you, then it is worth it. Personally, having previously lived in a marginal neighborhood it is worth it to me to buy in a better neighborhood, comparable house....much better return later, much less aggravation while you live there. You already mentioned the shabby other homes, and personally I would never want to live that close to a large apartment complexe in a shabby area, or any for that matter...too many variables regarding who lives there.
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Old 08-10-2012, 08:30 PM
 
15,833 posts, read 18,470,538 times
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Quote:
Originally Posted by Demps View Post
I would have a great low monthly payment for the home if I bought the home. The home itself is a allright home. I would probably have to put about 5,000 dollars into the home to get it to look really nice. It is a cute little home in a run down junky area. It is a home in a small town so I am pretty sure the area will never get as bad as a big city ghetto. There are some gangs in the area but not too much tagging in the area. The area is run down and junky and it has been run down and junky for the last 60 years.
IS it possible to get the house even cheaper and move it? Are there other folks looking at rebuilding the area?? Probably not if it has been shabby for 60 yrs....Hard call.....big investment if you hate living there. Check the neighborhood out at all times, evening, late night, dawn....get a feel for how bad the area is.
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Old 08-10-2012, 08:34 PM
 
Location: Southern New Hampshire
6,728 posts, read 11,760,786 times
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I would never, ever, ever, ever, ever want to live in a "run down and junky area." I am astonished that anyone would even ask if it seems like a good idea to buy there just because it's relatively cheap. It's cheap BECAUSE IT'S IN A CRAPPY AREA. Why would you want to live there?!

JanND gives good advice about checking the neighborhood out at different hours plus weekends/weekdays, etc. Years ago I rented an apartment that looked fine during the day. The first night, I was driving home from work, and there were hookers all along the main street leading to my new neighborhood. Aaaagggh. But at least I was just RENTING there (and I left as soon as the lease was up!!).

Last edited by karen_in_nh_2012; 08-10-2012 at 08:52 PM..
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Old 08-10-2012, 08:49 PM
 
15,833 posts, read 18,470,538 times
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Quote:
Originally Posted by karen_in_nh_2012 View Post
I would never, ever, ever, ever, ever want to live in a "run down and junky area." I am astonished that anyone would even ask if it seems like a good idea to buy there just because it's relatively cheap. It's cheap BECAUSE IT'S IN A CRAPPY AREA. Why would you want to live there?!

JanND gives good advice about checking the neighborhood out at different hours plus weekends/weekdays, etc. Years ago I rented an apartment that looked fine during the day. The first night I was driving home from work, there were hookers all along the main street leading to my new neighborhood. Aaaagggh. But at least I was just RENTING there (and I left as soon as the lease was up!!).
Very good advice!! Some things money really can't buy....like peace of mind. The only way I would think you should do this is if it were purely rental investment property...But you still better know what the neighborhood is like, so you know how long your tenants would stay....Make some money, and rent or eventually buy another.
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Old 08-13-2012, 12:42 PM
 
1,350 posts, read 4,369,350 times
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Quote:
Originally Posted by JanND View Post
Very good advice!! Some things money really can't buy....like peace of mind. The only way I would think you should do this is if it were purely rental investment property...But you still better know what the neighborhood is like, so you know how long your tenants would stay....Make some money, and rent or eventually buy another.

apparently you can buy piece of mind in this case it costs about 20,000-30,000 USD.



unless you're planning on renting it out, don't buy.

it sounds like this is a crappy area, that has always been a crappy area, it most likely will continue to be a crappy area.
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Old 08-14-2012, 10:15 PM
 
Location: Pleasanton, CA
115 posts, read 278,630 times
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Have you ever lived in a Ghetto?

It will not be worth it to have your future kids subjected to violence and poor school districts.
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Old 08-17-2012, 06:30 AM
 
532 posts, read 1,395,204 times
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I grew up in a small town and it really is different from the city experience. One street can have several beautiful victorians, where the shop owners and perhaps teachers live and a side street near it can have some small, run down rentals where say, the single mother lives fresh out of high school lives. But all the kids go to the same high school.

Up until recently with the meth problem, there wasn't a crime issue in this town, and there still really isn't one (no gangs or drive by shootings!) Car break in and burglary and domestic violence. The same side streets that were junky when I was a kid are still junky now. But if you didn't care about that, and saving your money for something else was a priority, you could live there.
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Old 08-17-2012, 07:14 AM
 
Location: Northern Minnesota
28,777 posts, read 2,364,477 times
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Quote:
Originally Posted by KonaKat View Post
This is a no-brainer. Location Location LOCATION. Re-sale re-sale RE-SALE.
Yes indeed, it is a no-brainer!
Another way to look at it is: It is better to buy a crappy house in a nice area than to buy a nice house in a crappy area. That way you can fix up the crappy house making it nice and you live in a nice area. Plus, your neighbors will like you because you fixed up the house.
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Old 08-20-2012, 12:29 PM
 
Location: St. Louis, MO
4,009 posts, read 5,180,980 times
Reputation: 4525
My mother always told me to buy the WORST house in the BEST street. I think this still holds true.

I would personally pass on the above mentioned property if you are wanting to buy it for investment or maximum financial return purposes. It's one thing to take a risk and buy in an 'up and coming' area- it's another to buy in or near the 'ghetto'.

Good Luck to you!
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Old 08-20-2012, 03:29 PM
 
5,426 posts, read 8,217,151 times
Reputation: 4519
I've done quite well for myself living in houses with trashy neighbors - though not all the neighbors were trashy mind you.

Sooner or later you will probably want to move up in the world - would the numbers work for this as a rental? Are you committed to staying in this town? I don't reccomend being an absentee landlord.

I have a few questions. Would you be the only person of your race on this street? Do you have friends who might also be interested in living in a cheap house as a neighbor? What's the crime level? Do you have a dog? Do you drive a fancy car?

I think there is a lot to be said for economic integration. I was "adopted" by some kids from my old neighborhood and I think I've done a lot to enrich their lives and vice versa. Now I've got the best grandchildren ever.

It saddens me to see the attitude of "oh no run away" especially when we don't have all the facts. If there are enough concerned neighbors it CAN keep a neighborhood from getting violent. Think of all the money the OP might save the taxpayers in law enforcement, jails, etc. The OP should be applauded.
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