Today, I was looking at some of the new listings on our MLS® System today and saw an older listing in Silver Springs that caught my attention. Well, it actually caught my attention for several reasons: a) terrible photos, b) the place looked untidy and several items were in need of timely repair, c) the listing agent put in the very first comment as "Investor Alert," and d) it was pretty clear that the property had yet to be professionally measured. Whenever I see the words, "Well Maintained" I immediately assume that it needs updating; and, this one did, too.
This got me to thinking, "What DO people view as an investor property?"
To me, an investment property is if I can buy it, do little to it to make it safe, attractive, and can rent it out to fully cover my investment costs. And, it should be relatively maintenance free because if the tenant doesn't maintain it, then it is the homeowner's responsibility. So basically, a very attractive property at an affordable price. As some would say, "It carries itself," and is "Rentable."
I think what this agent should have stated was, "Flipper Special" but then the price wasn't even close to being right. The home was priced at market value of a home in above average condition and well presented. This home was neither. So, we'll pass on that property listing, thank you very much. If you'd like to buy that property for true market value, contact me and we'll see if we can make a deal with the seller through their agent. Likely, the seller knows its true value already, but we won't be misled by the wording of the agent's listing.
The unfortunate part is that the listing appears on my website and some folks may consider it one of my own listings and a representation of my personal duty of care. Because it is listed on our MLS System, technically it is one of OUR listings that we do market, but I can assure you that it is not a property that I have listed myself.