Hi folks,
The house next door to me, which has sat empty for seven years since the death of the previous owner, is now available for back taxes (low enough that I can make a cash offer). The city put it up for auction while I was out of town, and it didn't sell at the minimum amount (i.e., the taxes owing).
Normally that would be a warning sign (if other people don't want it, why should I?). But I think I benefit from an information asymmetry -- because I've lived next door, I know (more or less) what isn't wrong with the place. It hasn't had pipes burst, or squatters, or a fire. Some other potential reasons it's undesirable to others don't concern me. Like, it has no backyard (which I can probably fix by transferring part of my current yard over). It looks into my back windows (because my house is on the front of my lot, and this one's on the back of its lot). The local economy just got awful (oil industry town). It has a scruffy neighbour (me).
So, I think I can get this place cheap, do minimal renos, move in, and then rent out my current house.
I need y'all to tell me what to watch out for, and what to do before making an offer. I've read similar threads, but the specifics of the situation were different. Any help is appreciated.