patrick.net

What would it rent for?

My guess , in this condition, would be $1200-$1400. I would be buying this for my family. The elementry school 3 blocks away is one of the top 3 public elementry schools in Broward County. Public schools as a whole are terrible in Broward and Dade county. A good private school for my daughter would be about 8K a yr.

I say yes!

Back to 1998 prices (nominal!)
Better at $175K than at $350K
Sweet Deal!

Price History
Date Description Price % Chg $/sqft Source
10/07/2010 Price change * $175,000 -25.5% $158 Galleria International Realty
03/29/2010 Price change * $235,000 -20.3% $212 Galleria International Realty
01/31/2010 Price change * $295,000 -15.7% $266 Galleria International Realty
12/04/2009 Listed for sale * $350,000 101% $316 Galleria International Realty
08/20/1998 Sold $174,000 -- $157 Public Record

I'm in the NE end of town, so I'm not intimately familiar with this particular 'hood, but a quick perusal of online county records puts HUGE RED FLAGS all over this parcel! There's been *3* QCDs (Quit Claim Deeds) plus a DRR on this prop, so it looks like there's NOT EVEN CLEAR TITLE on this bee-yatch, not to mention the legal overhead of short sales in Broward!

And talk about Bubbleicious re-fi's!! Records also show this would qual as a classic "Real Homes of Genius" over on Dr. Housing Bubble, as the clueless/evil (you decide) current owners hit the "Housing ATM" for at least TWO add'l loans totalling (I am NOT making this up) $491,000!!... on a $174K house! And Wall Street is not corrupt? AYFKM! Plus I see nothing indicating the original note was ever paid off! The cheesy above-ground pool and motley assortment of outbuildings completes the "RHoG postcard". Can't tell from low-res photos, but house might not even be CBS construction--dreaded wood-frame??

Anyway, clearly the macro-trend in that 'hood (currently on hold due to Great Recession) is to demolish the original 1950s SFRs, and put up apts/condos and such... of 2- and even 3- stories! The prop immediately to the east is the most genteel example of increased density, i.e. original small house up front, w/ 2 small rental cottages in the relatively deep backyard. bcpa.net records show owner lives on site, so I'd make his acquaintance and ask him straight up what he rents those cottages for, and what he thinks his main house would rent for... then discount for human nature bragging.

You would be one of the few SFRs left in the 'hood, so you have to gauge what kind of ambience you and yours would really have being "homeowners", surrounded by (lower income) renters. Again, WALK the 'hood--day and NIGHT--look at the cars, talk to the peeps... check vacancy rates... and drive a HARD bargain... place is going nowhere fast @ $175k. The tax bill alone is $302/mo. (down from $500/mo. during Bubble, lol.) Even Zillow says 175k high for that neighborhood. I'm thinking $115k and seller's agent pays ALL YOUR legal fees... don't even THINK about a short sale w/out retaining an attorney--the other side has an army of them.

PS: This place is no where near the water, and will NEVER be Rio Vista. Don't fall for that Real-tard spiel about "East of Federal"... spreadsheet the REAL numbers in today's deflated economy. That nearby stretch of Federal is not as sleazy as it once was, but, OTOH, there's nothing "tony" or trendy or desirable about it either... and IMHO opinion we're 10+ years away from any possible "gentrification" cycle.

@KP

What did you decide?