Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Indiana > Northwest Indiana
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-14-2013, 10:40 PM
 
3 posts, read 3,394 times
Reputation: 10

Advertisements

A relative left me a house in Gary, the Glen Park neighborhood. It's a 2 bedroom in need of some renovation.

I live in another state. Is it worth trying to sell or rent it?
Reply With Quote Quick reply to this message

 
Old 10-14-2013, 11:04 PM
 
Location: Northwest Indiana
815 posts, read 2,997,523 times
Reputation: 1072
If its by Indiana University Northwest (which is in Glen Park) you may be able to rent it to students. Depending on what repairs you need to do, maybe you could rent it out section 8. It would have to be repaired to section 8 standards. Being an out of state landlord can be a pain, hopefully you would have a friend or relative that could help out with it.

I doubt its worth any more then $15,000 at the moment. Waiting for a better price is going to take a long time. Hopefully you own it free and clear.
Reply With Quote Quick reply to this message
 
Old 10-14-2013, 11:49 PM
 
185 posts, read 159,604 times
Reputation: 58
Its difficult to say. If its near IUN, you might be able to rent it to students. Otherwise you could try a rent to own. I know a landlord with 70 or so properties in Gary that does that. Selling is almost impossible. Some homes in Glen Park go for 8000.
Reply With Quote Quick reply to this message
 
Old 10-15-2013, 04:45 PM
 
3 posts, read 3,394 times
Reputation: 10
So how near would it have to be to campus to be attractive to students? It's about 10 blocks away, or less than 2 miles, which might be out of the realm of most students' worlds. Where do students live, mostly, in Gary?
Reply With Quote Quick reply to this message
 
Old 10-15-2013, 08:21 PM
 
Location: Hoosierville
17,377 posts, read 14,622,936 times
Reputation: 11591
IUN is mainly a commuter campus ... finding a student to rent it is about as likely as being able to sell it for anything more than $10,000.
Reply With Quote Quick reply to this message
 
Old 10-17-2013, 08:02 PM
 
Location: Northwest Indiana
815 posts, read 2,997,523 times
Reputation: 1072
Quote:
Originally Posted by yellow_corn View Post
So how near would it have to be to campus to be attractive to students? It's about 10 blocks away, or less than 2 miles, which might be out of the realm of most students' worlds. Where do students live, mostly, in Gary?
That's probably too far for most for most students. It would have to be within a block or so (close to IUN security). Those are the only ones I have heard of that students have taken. As Chuckity said, most students are commuters. Renting it out section 8 is probably the best bet at the moment.

There are buyers out there, its not a dead market, just a low valued one. Most buyers will be investors looking for rental units, the plus side with them, they will have cash, so they can close pretty fast. If it doesn't take much to get it ready for renters there will be an investor interested in it.

The problem most other buyers will have with house valued so low, banks won't write a mortgage for a 5k house.
Reply With Quote Quick reply to this message
 
Old 10-30-2013, 09:23 PM
 
3 posts, read 3,394 times
Reputation: 10
Thanks to everyone for the advice.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Indiana > Northwest Indiana
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top