I always like to keep an eye out for cheap real estate to see what deals are on the market. While browsing Ziprealty yesterday, I found this property. It is listed for.....you ready....hold on.....$10,900. Nope, that is not a typo and I didn't leave off a zero. It is a bank owned foreclosure. I ran an e-appraisal on it and the values ranged from $108,212-$146,404. I ran it in Zillow and the tax assesors value is $120,100. I am not sure what the deal is with the property history but it seems like a great deal. I would definitely have the property inspected and appraised before closing.
Here's why I want this property:
  • I can pay cash for the property.
  • 2 bedroom, 1 bath condo
  • 2 miles from downtown Atlanta
  • Big development plans in the area
  • Location, Location, Location

I could choose to rent the property out to bring in some additional income or just sit on it and watch the property values rise. The area around the property is not the safest but the neighborhood is changing fast for the better. I say within 3-5 years, the area will have totally been revitalized.





6 comments

  1. Anonymous // October 4, 2007 at 12:04 AM  

    $10,900?? Wow, if you rent it out for just $500 (or even $450!) a month you can recover all your costs in 2 years. That sounds TOO good to be true. Keep us posted on this deal please.

  2. SingleGuyMoney // October 4, 2007 at 6:58 AM  

    I will certainly keep you updated!

  3. Patrick // October 4, 2007 at 7:23 AM  

    Sounds great! Good luck, but chances are they may be some major work to do.

  4. lynnae @ being frugal // October 4, 2007 at 9:35 AM  

    Good grief, I live in the wrong state! I'd never find a deal like that around here!

    I hope it works out for you!

  5. K // October 4, 2007 at 9:39 PM  

    Hey, whats with the "I want this condo". It should be I am buying this condo or when i buy t his condo...
    I say go for it? Of course you want to be extra cureful but I am in NJ and would get it (without a doubt) because of the fact that its 2miles downtown atlanta.
    However always take precautions. Hopefully no one beats you to it

  6. Anonymous // October 5, 2007 at 6:28 PM  

    Sometimes the bank starts the price out low to try to encourage a multiple offer situation. This usually drives the price way up, and the best offer wins.

    It is worth looking into!