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ok, need some advice. I have a small house in a bad neighborhood that i bought as a rental but ended up living in. The neighborhood is not quite a war zone, but think dead cars in about every fifteenth yard, weeds you could lose your way in, 1960's mobile homes, many in disrepair. Drugs, beater cars, a lot of beaten people. City takes minimal action to clean area up, i think it will continue to decline for forseeable future. A lot of vacant properties and old trailers.
So, here's my dilema. Renovated to move in ready condition and exposed to market will sell for $75-95k though similar model on next block has languished at $93k for many months.
House next door on market, hud owned at $65k, needs similar renos. Local comps are mobiles on lots, or site built of similar, 1960's vintage. Mobiles about $35-65k, stick going for $55-95k.
We paid $42k have about $50k in it at this point. Total needed renos about $9 -15k. Puts us at $60-65k.
Got a cash offer from a neighbor for $60k as she sits, no contingencies. I think i can get them up to $62.5.
Would you grab the money and run, or spend more, do the reno and hope to sell higher?
OK, need some advice. I have a small house in a bad neighborhood that I bought as a rental but ended up living in. The neighborhood is not quite a war zone, but think dead cars in about every fifteenth yard, weeds you could lose your way in, 1960's mobile homes, many in disrepair. Drugs, beater cars, a lot of beaten people. City takes minimal action to clean area up, I think it will continue to decline for forseeable future. A lot of vacant properties and old trailers.
So, here's my dilema. Renovated to move in ready condition and exposed to market will sell for $75-95k though similar model on next block has languished at $93k for many months.
House next door on market, HUD owned at $65k, needs similar renos. Local comps are mobiles on lots, or site built of similar, 1960's vintage. Mobiles about $35-65k, stick going for $55-95k.
We paid $42k have about $50k in it at this point. Total needed renos about $9 -15k. Puts us at $60-65k.
Got a cash offer from a neighbor for $60k as she sits, no contingencies. I think I can get them up to $62.5.
Would you grab the money and run, or spend more, do the reno and hope to sell higher?
GRAB THE MONEY AND RUN!!!!! We lived in a bad neighborhood and I didn't want to leave because we had upside down equity but after being held up at gunpoint, I changed my tune.
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