You cannot base the current value on what someone else paid. After the housing crash, we were left with many avenues for people to acquire below market real estate. These avenues include REOs, foreclosures, short sales, and distressed sellers to name a few.
If you are concerned with getting equity at the time of purchase you should focus on the asking price versus the assessed value. In the current climate you can still find assets for significantly less than the assessed value. These will typically be from those sources listed above, which are on the MLS and very competitive in regards to investment activity. The best deals with the most equity are tied up by investors the first day on the market. If you want one of these deals (and the ability to sell it a few years later for a lot more money) you need a REALTOR that has investment experience. I have been successful getting my clients deals like these even when they don't have the strongest offers (investors typically make full price cash offers with no inspection contingency). To do this, you really need someone that is extremely diligent and that works closely with their clients. I would be happy to consult anytime.
The 10 unit apartment building located at 706 W Main St in Rochester last sold in April of 2012. Do you have a specific question about this property? If you are looking for something similar please contact me at 585-208-1034 or firstname.lastname@example.org. Thank you.... more