We recently wrote about two duplexes that are worth a look from investors who are seeking to cash flow multifamily properties. Below are two other intriguing properties, one a home and the other a condo.
This 3 bedroom home at 125 N. 5th Street in Madison is priced at $94,900 and almost $60,000 under assessment.
This large 3 bedroom condo at 619 Wood Violet Lane in Sun Prairie is priced at $110,000 and over $69,000 under assessment.
Both of these properties are lender-owned. And both require some work, so they're a good fit for someone who is willing to invest some sweat equity in order to improve the value of their investment.
There are plenty of properties like these on the market right now. And there will be plenty more coming down the pike as more and more foreclosures work their way through the system and onto the open market.
One of the ways we learn about properties like these is by implementing a key word search of the MLS which sends us an email whenever a listing with one of the key words hits the market (or when an existing listing with a key word match undergoes a price reduction). For example, we have this search currently set up for an investor:
"forecl*,*as is*,*bank*,*corp*,*fixer*,*flip*,*investor*,*lend*,*lien*,*reo*,*short sale*,*subj*,*tlc*"
We'll discuss how this investor is leveraging the market in a future post.
Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com
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