I was in Compton, Ca to interview a machine tech a couple of years ago. Hispanic kid, nice house, but small/older. I complemented him on having a nice house...he said, it is a rental and he wanted to stay there, so he improved the property. Owner told him that he could buy it if he wanted...about 1,000 sq. ft, in not the best neighborhood. $450,000. Wow, in Compton? I thought that it was a bit high. In NC, the house flippers have taken over. An abandoned house near me is halfway to completion. I would have torn down the original and built new. But they say that they will make a profit on it. The 1800 sq. ft house just down from me went on the market at $235K, just sold for $295K. 5 bidders. If I had another place to live, I would put mine up for sale tomorrow. The airport up the road from me is suddenly affordable. Owner told me $250,000 for it. Hmmm....my own airstrip......problem is, that price is several years old, and today, the rich neighbors would snap it up and build more McMansions on it.
Derswede