Today we salute
Now what does the sales history show us about this home? Let us take a look:
Did someone leave off a zero in 2002? We purchase cars that cost more than that. Yet this is most likely someone jumping on the home ATM machine and riding it for all it is worth. And wait! This home is being flipped for the third time in two years. The first person took a massive 16 percent hit in one year. Now at the current price this current seller is trying to break even. I suppose it is hard to cover a monthly nut running about $2,400 on rent coming in at $900. But again this is a wonderful investment property and a perfect starter home.
What does our good friend Zillow estimate on this home? Let us take a garner:
Did we just open a Latin dictionary or stepped upon the undiscovered Calculus algorithm of Sir Isaac Newton? Because this calculation makes no damn sense, not even close. We get a pie in the sky estimate of $413,963 on this place and a “value range” of $372,567 and $476,057. Honestly, do you wonder why no housing bulls post on this site? And just so you know, as I’ve mentioned before I own investment properties out of state and a prerequisite for investing in properties is that you make money! Either via appreciation or cash flow. Now that we have massive negative cash flow and no appreciation do you think this is a good deal?
Today we Salute you Compton with the Real Homes of Genius Award.