Looking at a property on a major street

[Mark Breaux]

I am looking at a property and it is a on main street. The area sells in the $400k range and the house is listed for $190k. It would need a lot to get it ready. I am wondering how much it hurts the value and how long it will take to sell the house. My real estate agent says no way to it because of the location. I know real estate is all about location but the house has to have some value...i am just trying to determine what that value is and I am having trouble determining it. Because of the deal I don't want to give the address away. Just looking for general "outlooks" for similar houses. Thanks BP community!

[Travis Sperr]

@Mark Breaux the most challenging part about location like a busy road, is you never know how much it will effect the value until you get the property resold. A typical appraisal adjustment could be as little as 5% or over 10% of value. If you don't have a handful of deals under your belt I would take your agents advice on this one. Also good news the agent has your best interest on this one.