This house confuses me....

[Dennis Coley]

There is a house near where I work....and right across the street from a college. The house is 2500 sq ft, 6 bedrooms, 3 baths. It has been sitting for a few months now and the price has been dropped a few times to now at $69k. From just looking at Zillow and not doing a ton of research just yet, it appears that the average price/sq ft in the immediate area is $117/sq ft, which could give this property an ARC of around $290k.

So, why is this house still sitting there? I have not estimated any repairs on this home or anything like that, but I'm guessing that it's looking at about 50k in repairs at least.

My thinking is that a house with 6 bedrooms would be a great college living quarters for students. I'm surprised that an investor hasn't snatched this one up already.

I'm a newbie and really thinking about making this my first investment property. Would the neighborhood play this big a role in a house such as this with so much potential?

Thanks for helping a newbie out.

[Katy W.]

Be sure to find out the zoning of the house. In my town, we have many tempting 5-6 bedroom homes, but due to the city's zoning laws, only 2 unrelated persons are allowed per home. Some families may not want to live right across from a university.