Top Five Featured FSBO Listings for Under $50,000
May 21, 2007
In April 2007, the National Association of Realtors announced that the median
price of a single family home in the USA had risen slightly, climbing back
above the $250,000 mark. While this gave some comfort to homeowners who have
been eager to sell their homes during a declining housing market, the
information had little effect on the overall For Sale By Owner (FSBO) sector.
To illustrate how affordable some of the current FSBO listings are, we selected
our Top Five FSBO Listings Under $50,000. Along the way we discovered that the
most difficult part of the task was not finding properties priced that low, but
choosing which ones to highlight out of so many that caught our eye as
excellent bargains.
To put the dollar amount of these properties into perspective, consider the fact
that the typical down payment for an average-priced house in America – of
approximately $250,000 – will probably be between $25,000 and $50,000.
Plus, these are all FSBO listings, so the price doesn’t reflect high real estate
broker commissions. Even if you aren’t a whiz at math, it is easy to see that
you might become a genius real estate investor by buying homes while the price
is right.
Here are our Top Five, ranked from the least expensive to the highest priced –
although it hardly seems fair to call any house “pricey” when the seller is
asking less than $50,000.
112 Kentucky Drive, Elyria, Ohio: List Price $12,500
A fantastic wide brick chimney separates the front facade, giving this large
home a striking antique look. Plenty of windows offer wonderful natural light.
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Elyria is a city of approximately 50,000 people and has a wonderful small town
feeling and sense of community.
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This house is within 10 miles of Lake Erie and the area is surrounded by
abundant recreational opportunities.
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At only $12,500 and nearly 1,000 square feet of living space, this home sells
for about $13 per square foot. You could sell a used car to pay for this house,
and probably still have plenty of cash left over to help you decorate.
407 N. Atlanta Avenue, Sheffield, Alabama: List Price $19,696
With 3 bedrooms, 2 baths, and large kitchen, this historic 1905 Victorian home
is a classic with original features you won’t find elsewhere.
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Hardwood floors, 12-foot ceilings, real tongue and groove pine paneling and
cabinets, and a pocket door between the formal dining room and living room.
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A generous 3000 square feet of living area and not one – but 6 – fireplaces.
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The asking price is less than $6.60 per square foot, about the same amount
you’d expect to pay for good chocolate or mediocre floor tiles.
120 9th Street, Terre Haute, Indiana: List Price $31,000
Terre Haute has a low cost of living, the amenities of a college town, and the
city’s downtown is filled with beautiful historic architecture.
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You get 3 bedrooms and two baths, plus a 2-car detached garage and 2100 square
feet of living area for about 30 grand.
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This investment property is a duplex with the electrical systems already
separated. You can live in one half and rent the other side.
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One side is a one-bedroom one bath with appliances included, and the other has
2 bedrooms, a large kitchen, lots of closet space, and additional basement
storage. The buyer will even get an antique claw foot tub thrown in for free.
Akron OH 2498 East Ave: List Price $48,900
This handsome Victorian home is situated on a large piece ofl and and is ideal
for use as a single-family residence or it could be divided into two separate
income-producing apartments.
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4 bedrooms and 2 ½ bath and almost 2500 square feet
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The kitchen has been remodeled and there is a detached 2 car garage
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The median price of typical single family homes in the USA is approximately
$200,000 more than the asking price of this property. Buy this one instead and
use the money you save to buy your vacation home.
61 Resolute Street, Rochester, New York: List Price $48,900
This beautiful 3-bedroom home has great curb appeal and Rochester is a thriving
mid-sized city with lots of local amenities including a strong university
presence.