Do yall think a small 700 foot house is worth 80,000 dollars?( brick)?

Question

It is a small starter home and is in GREAT shape... the owners just remodeled everything so it looks brand new.

Answer 1

Coming from California that would be a bargin. So the answer is a question, what is the location, and condition of the property? If it is for investment...What are the relative rents for that area? If the area rents could bare 600.00 to 700.00 per month for that house then with 20% down you got a great property that will pencil quite nicely.

Answer 2

Hard to tell w/o knowing the condition, area, property size, etc etc etc...

But simply going by the home size, sure. Seems reasonable enough.

A 1000sq ft (average to good condition) in my area costs around 140/150k.

Answer 3

It depends on the location. A small brick house in San Francisco could be worth $500,000.

Answer 4

That depends on where it is (as well as its condition). In some areas, such as Arlington Virginia or Falls Church Virginia, it'd be an absolute bargain. In other areas, such as rural Texas, it'd be grossly overpriced.

A related question is what would it cost to rent a similar property? I'd certainly pay $80,000 if it'd cost $1,000 to rent something similar. So that alone could make it worth the price. On the other hand, if I could rent a similar property for $400 a month, I'd rent and consider the house to be overpriced for what I needed.