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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (39104)	8/26/2005 2:43:07 AM
From: mishedlo	Respond to of 306849

Wow Mish! Sorry dude! Maybe YOU can find our thread bargain house! At the moment, it's in Tucumcari, for 20k. We sold "the bargain house" when my dad died a few years ago. $14,500 for the tiniest 3 br house you could probably ever find. Originally it was 1 br but dad converted the attic into two bedrooms for 4 kids (2 boys and 2 girls). Living room, bedroom, kitchen on first floor. One small bathroom for the whole house. Unbelievably small. I mean small. We are talking a tub, a toilet and a sink with about 18 inches at most between the tub and the sink. 6 feet by 4 feet perhaps. 2 very small bedrooms upstairs with a small closet in the girls room, and no bathroom. The thing is, as kids we never thought anything about it. It all seemed so normal. Had a backyard where dad had a vegetable garden. It was one of his joys in life. That and baseball. House really needed a lot of work. The basement was abominable. I am only 5'8'' and I have to duck in many many places in the basement to not hit my head on things. But dad had a table saw down there and that was his workshop. $14,500 for a 3 br house (not sure how many square feet) with a backyard and a horrid delapitated detached one car garage. BTW I doubt that house would fetch more than 18,000 today. It is now rented out by someone that owns 6 houses in the neighborhood. I do believe it is cash flow positive. Mish

To: bentway who wrote (39104)	8/26/2005 2:16:36 PM
From: John Vosilla	Read Replies (1) \| Respond to of 306849

No wonder Mish is such a deflationist. Your experiences tend to sway opinions. People in bubble markets have warped perceptions in the other direction. Danville is more like a Mayberry of days gone by. Amazing how low home prices are relative to incomes while the demographics look very solid. city-data.com