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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (43295)	12/22/2005 12:31:03 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Danville is actually a reasonable value. I do not know how much lower prices can get there. But it sure is not a get rich quick scheme. One would have to fix them up and then rent them out. I believe one could easily get positive cash flow. The person that bought my dads house has about 8 houses in the same small neighborhood all rented out. I doubt he spends that much time maintaining them. Found a tennant right away. One could buy a block of homes for what the average house in CA costs. I think that is about right. Perhaps 15 homes from street to the next street on each side of the block. Let's say 24,000 average * 15 that is $360,000. Our dads house sold for $14,000 I think the person that bought it probably put about $2500 in it fixing it up. Perhaps more, hard to say but he did do the work himself. Total cost $16,500. At that price one could buy a square block of houses (30) for $495,000. Not sure what the going rent is. Mish