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I’m having a little trouble squaring the circle of “neighborhoods that are often struggling” and “a cashier's check for $500,000”, but maybe it is a regional US
by jihadjihad 1y ago
I’m having a little trouble squaring the circle of “neighborhoods that are often struggling” and “a cashier's check for $500,000”, but maybe it is a regional US thing.
- ChrisMarshallNY 1y agoIn Long Island, cheap houses are a half mil. I suspect that the Bay Area is even worse.
- giraffe_lady 1y agoMy neighborhood is like this. It's been underresourced and neglected for decades, but is well connected to transit and is adjacent to more prestigious neighborhoods. The buildings being bought are 2-4 unit apartment rental buildings, and quite old, so 300-500k is typical. Then they're downzoned into single family homes or possibly two condos and resold for about double the price I think. Obviously the ones using (and then losing) them as rental housing and the ones buying are completely different groups.
- zdragnar 1y agoIt is very regional. An older house on 5 acres (2 hectare / 20k square meters) could go for $300k. $500k could get you a really nice house. Picking a random rural area in a random midwest state found this beauty: https://www.landsearch.com/properties/16167-160th-st-letts-ia-52754/4546509 https://www.landsearch.com/properties/16167-160th-st-letts-i... The homes investors would look to pick up to flip and sell or rent would go in the $80-120 range in this area, I'd think.