Quote:
Originally Posted by Platapus
A house and 8 acres for $46K 
I don't think you can buy a driveway for that amount where I live.
Good luck to you.  |
In our area, numerous homes like this exist. The cost is not in the home, it's in how much it cost to restore them. The fact is many of them simply rot.
However, our county is overall a poor county compared to the others in NC. You can buy houses rather cheap. Many in surrounding richer counties are buying up houses and land here now, willing to make the hour drive to work in Guilford.
They key here with all the old neighborhoods is to know which ones are increasing in value, which ones are going down and buy as a neighborhood is going up. Just a mile away, the entire block is restored, houses cost 3-500K. This home is in between, one block is good, the one behind it is a mix of people restoring, but still many going to waste, but it's on the rise. For the most part it's in town, but with some land. In reality, it would cost about 300K to bring this house where it needs to be, with my connections and friends, I think I can do it for about 100K. That's with me and family doing a lot of the work.