Originally posted by @Beck Joyner:
Yes, the area is D, borderline F. Even though it is close to HU, they are a world apart. Expect little to no appreciation, however, it's a great cash flow deal and worth pursuing. Be sure to budget adequately for repairs and maintenance and be prepared to keep up the property. Too many folks get into these properties and don't want to take care of them and they often have deferred maintenance as a result. How is the rest of the block? Is it in decent shape without little to no derelict properties on the block?
I'm not sure how likely a reassessment is, though!
I absolutely agree, I noticed that from the time the seller purchased it, more than a decade ago, it's still worth the same amount today -- which surprised me (another sign of the neighborhood condition). Yes, looking at the cash flow it is a very attractive deal. Being approximately 2 1/2 hours away makes me a little more cautious -- especially based on the comment above from Doug (about it being a red zone). I have not driven to the property yet. Due to the COVID orders -- they weren't allowing showings (at the time).
I'm thinking the reassessment is a no go....LOL.
