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Just How Cheap is US Housing?

September 5, 2012 by Marco Santarelli

Consider Minneapolis, Minn.  You could’ve bought, out of foreclosure, a three-bedroom, two-bath house of 1,356 square feet on a quarter acre lot for about $29,000. It needed a lot of work, but houses in the neighborhood recently sold for $75,000.

Your mortgage would be under $100 per month and about the same in taxes. You could’ve got $1,000 in rent. Even if you had to put $40,000 in the house, your gross yield (cap rate) would’ve been 17.4% on the property.

This is one example sleuthed by my friend Gary Gibson. “The house had mold damage and needed a lot of work,” he wrote. “Beautiful yard, however.”

[Read more…]

Filed Under: Economy, Growth Markets, Housing Market, Real Estate Investing Tagged With: Cheap Housing, Economy, Housing Affordability, Housing Market, National Housing, Real Estate Investing, Rental Housing, rental property, US Housing, USA Housing Market

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