Quote:
Originally Posted by Bearcat
I was shopping for rentals in AZ a couple years ago and there were gutted houses on the market for $250k.
I know easy solution is "well, don't live in AZ", but often not that simple for people with extended family, kids, etc.
The ~90k seventy year old starter house I bought in KC 10 years ago is now estimated at $175k, which is kind of nuts for first time buyers on a house that old and not in an amazing neighborhood.
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It's a long story to type on a phone, but my MIL was the executor of the estate of a friend who passed away and was responsible for selling his home. He was more of a hoarder than I have seen on any TV show, lived alone, didn't clean. The bathroom sink was held up with a 2x4 and the living room was filled with shelves with easily 5,000 VHS tapes just to paint the picture. We filled four rollaway dumpsters cleaning it out. Not a huge place, maybe 1500sf, but on a decent neighborhood.
We thought it might sell for 100k or so because of the location. The realtor suggested we list it at 275k. It sold for 300k. It was flipped and sold for 575k two months later.
Complete and utter insanity.