My friends house is in limbo

[Tyler Bemesderfer]

So I'm starting out. In the education phase and I'm kind of just poking my head into places to ask questions and look at things that pique my interest.

Anyway, I've got a friend of mine that lives with his aunt. The aunt owns the property and owes I think he said $115k on the mortgage. The house is in rough shape. Years of cats and dogs tearing the place up, it's got mice, it's got bugs, wouldn't be surprised if it's got mold too. It's got foundatuon issues, the roof is probably shot, the electrical was ran by Edison himself, and the Greeks did the plumbing. First glance the house doesn't look half bad and If Armando Montelongo could make money off his cat house in the middle of the 08 crash. Someone could do something with this house I'm sure of it.

So a wholesaler contacted them and forgive me, I only got bits and pieces of what actually happened so I may have some details wrong. She got an email from some we buy ugly houses company and she called him. Some guy came out to look at the place and told them he could get them $150. Next thing I know the house was inspected the offer changed to $75k and my buddy's aunt told them to shove it.

The house just may be too far gone, but here's what's got me curious, with the way the market has been and what I've seen in some of these neighborhoods I've been in lately I've seen smaller and older houses sell for much more than what the suggested ARVs are. So I poked around on Zillow on the map just looking to see when the last time a house sold and the most recent comp I could find was a mile away from 7 years ago for a house with 1 less bed and bath for 100k.

How can you tell the value of a property that's in a neighborhood where nobody is selling? How do we get that to change because I imagine once a few houses sell in that neighborhood and catch up with this decade my buddy's aunt's house will be worth fixing.

Let's connect. Follow me, send me a message, let me pick your brain and I'll tell you about the neighborhood in northwest Georgia that hasn't been touched in the better half of a decade. I've driven through that neighborhood too, it's a nice quiet location, most of the houses are really pretty with lots of land and forestry.