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True....and some flippers are f#$%^ed

Here's a typical starter house built in 1975, now priced at $1.2M. It looks like the original owners paid maybe $50K and probably, their kids sold the place in 4 days on 2/22/2022 for $897K or the owners took the money and moved to Arizona or Florida and bought a palace for half the price.

Now, it's got a new kitchen and baths along with the typical vinyl planking. It went back on the market on 7/29/2022 for $1,275M and is drifting down in price. My guess is that the flipper put another $100K or more to remodel it, so they're in it for likely over a million.

I wouldn't consider it for any more than $600K or about $300/sq ft..





-Rod

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