Okay, specifics while wanting to remain anonymous.
I purchased the property for about $185k in 2009. Started looking in the 140 range, nothing decent. Had to buy in this range. Sellers would laugh if you did not offer within a grand or 2 of full asking price. Bought after the recession as a comp for this place sold for 235k in 2006. Small town, near a major highway, 15 miles or so near a small city, 1 1/2 to 2 hrs to two major cities. Amenities nearby, doctor, dentist, supermarket, etc.
Better school district is 5 mi South. Amazingly, folks will pay 50 to 100% more to be in a better school district. I never even considered school districts then, just saw it was cheaper so close to everything.
I received the $8000 home buyers credit, which, IMHO should never have disappeared. But it did. And here is what happened to real estate. It got hit hard 2010 and a few years afterwards.
It had a 1980's kitchen, some sloping to floors as is over 100 years old. Water damage meant I put in all new oak hardwood floors and a new kitchen with granite countertops and stainless steel appliances.
When I was looking to buy, I did my homework, like the Frugalwoods. I did not have the benefit of being in or near Cambridge, Mass however.
Went with a realtor from the small city nearby. She wanted me to get it on early spring, but it was still being remodeled. I got it on the market late June, photos looked good, still needed some painting. Decided to list at 205k, which is basically no profit over 10 yrs. I don't understand this, except the realtor concluded I bought during a buyer's market nationally and tried to sell during a seller's market nationally, but the local trends are not the same. Even the small city realtor didn't understand the local trends.
I dropped the price to 200k after a few months and then 194k a few months later.
Despite the listing agreement stating will be painted in full by closing, feedback was that it needs too much work, and the floors are crooked.
I don't mean to stereotype, but folks looking for homes now don't want to pay anything for them and they are entitled and lazy. It's expected that you will paint the house the colors you desire, etc!
Not that I watch HGTV, but so much for that crap! They lead you to believe every impmovement is money in the bank. All that junk is is an infomercial for the building industry.
If I had 30 folks walk through in a few weeks, I'd kick out the tenant tomorrow. Given that I had 9 showings in 6 mos time, I keep it rented.
I planned on doing over the kitchen in about 2025 and then selling it. An insurance check made this happen sooner. I am ripped already about this and would be much more so if this was paid for from my savings.
I pulled it off the market before Christmas. Am debating whether to even list it in the spring. When I pulled it off the market, had I sold it, I still would have not turned a profit on it after paying real estate fees, and this is with a new kitchen and new floors throughout.
When I bought the place, it appraised out fine. Not sure what gives???
This is despite buying during a downturn and supposedly a good economy since then