Author Topic: Should I buy it?  (Read 1532 times)

the_fella

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Should I buy it?
« on: June 05, 2017, 02:15:53 PM »
I've been looking at this property for a few days now. https://cincinnati.craigslist.org/reo/6156596169.html The price is right, and I could do a decent portion of the work myself. What do you think? Am I an idiot for even considering it?

Cwadda

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Re: Should I buy it?
« Reply #1 on: June 05, 2017, 02:48:57 PM »
What would be the renovation budget? What's the cash on cash return?

jmecklenborg

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Re: Should I buy it?
« Reply #2 on: June 06, 2017, 09:20:42 PM »
I don't think it's worth $15k in Price Hill.  Definitely under $10k.  You can get a house that only needs $5-10k worth of work over there for $30k and this listing looks like it needs at least $20k and more like $30k. 

the_fella

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Re: Should I buy it?
« Reply #3 on: June 07, 2017, 05:48:33 PM »
I don't think it's worth $15k in Price Hill.  Definitely under $10k.  You can get a house that only needs $5-10k worth of work over there for $30k and this listing looks like it needs at least $20k and more like $30k.

Thank you for your insight!

jmecklenborg

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Re: Should I buy it?
« Reply #4 on: June 08, 2017, 05:15:25 PM »
I haven't been over in Price Hill or looked at listings over there for about a year.  Prices are definitely ticking upwards from Elberon east to the Incline House. 

But I did find a similar house to that Craigslist listing that is lived-in (rented?) and ready to go for $50K:
https://www.sibcycline.com/Listing/CIN/1521545/1004-Lusitania-Ave-Price-Hill-OH-45205

It would be tough to get that Craisglist house to this level for $35k, and even if you did, you'd need to sell it for at least $80k to really justify the effort.  That said, there does appear to be quite a bit of flipping going on in Price Hill, so we might be on the cusp of a general improvement of the area.