Adolfi Real Estate

Spooky Hud Home Rises Again

img_6217.jpgSOLD-Strange title, strange home.  For 22 years I’ve monitored the HUD and VA foreclosure listings and this one keeps reprising its roll as a foreclosure.  Which makes it a “spooky” investment.  Over the last two decades I’ve seen this house become a foreclosure at least 3-4 times, I’ve lost track. 

img_6218.jpgPart of the reason for this is the house is only 45 feet from Rt. 104.  Also the poor placement of the driveway in respect to the home (see below) and the condition of the home has not improved in 15 years. I know I even sold this home once 13 years ago!  So the interior will need all new floor covering, take the paneling down and sheetrock it, remodel the kitchen and bath.  approx. cost $15-$25k.   Exterior: repaint the faded aluminum siding; install all windows except one with vinyl replacements.  Take the driveway and either move it or blacktop it to lead down to the garage.   approx. $8-$15k. If you can do the interior work yourself and are cost conscience cut those figures in half.

img_6224.jpgSo why buy this house?#1 With 4 bedrooms and 1,736 sq.ft. this makes for a nice sized home. It includes a one-acre lot with treed area beyond.  It’s tax accessed value is $78,000.  So someone thinks its worth something. I’ll show you how to lower those taxes immediately after closing.#2 It could be a nice rental if properly fixed.#3 Priced reasonably at $30,000 and investors are welcome to bid.It would be great never to see this home again as a foreclosure.  Rehabbing this home will make you a hero at least in one realtors mind.  Here’s the address: 8442 State Route 104, Hannibal.