Man, Dee maybe right bro. Looking at the history, this property actually lost value from 2005 - 2011 (-12% decrease). It took an exponential hike in value in 2021. So maybe not two yrs ago, since that was during Covid, but this house was in the $3.5-3.9 fluctuated range since it’s yr built.
I dibble & dabble in real estate, namely investing on the clean up side of abandoned homes…even these abandoned homes in the hood r over priced. My home girl bought a house in Compton in a low key ran down neighborhood due to an infamous apt complex back in 2010. She purchased the home for $275k; that joint is now worth $625k!! This is including a leaky roof, and an inoperable HVAC unit!
This chit is wild man; I was looking at a property in So Central, LA. I kid u not, this property has been abandoned & boarded up for over 10 yrs. It’s in the hood next to an infamous park known for criminal activities. Due to the football stadium being less than a mile away, the family who holds title is asking $425k for this piece of chit! It’s probably going to cost $115k to completely rehab it, & u’ll most likely still make a $50-$75k profit because of the recent sales. Inflation is an understatement in the real estate market right now. Smh