We've been thinking about dabbling in investment/rental property. The Mrs. is pretty good at sniffing them out. We went to see one recently. In fact, we were probably the first to see it. The Realtor was there with the seller to get the listing.
The place might have potential, but, as-is, it would be more suitable for a Criminal Minds kidnapping/dungeon episode.
We seriously doubt that any of the "improvements" were permitted, much less up to code. Mainly, the "improvements" were liabilities that would have to be ripped out and completely redone. Along with the rest of it.
Nonetheless, the seller and the Realtor thought the house should command a premium price per square foot because of the "improvements." In reality, if you took out added square footage from the "improvements" (not even counting the liability and rehab cost), our estimated valuation was less than half of what they were asking based on comps, condition, work needed, etc.
They are wanting a Sequoya Hills or Fox Den valuation. This property is not in one of those places. It was sad, really. One could argue that the MLS listing is basically fraudulent.
We understand sellers who have emotional attachment, have invested too much, or are otherwise just crazy. There's no excuse, though, for Realtors who enable them.
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