More information is needed to see if it would be a good investment.
You are asking the right question about if it is in a good area, but how much work is needed on the property. In the Houston area, I don't remember seeing property values doubling in the past over a5 year period and with the economic crisis that we are struggling through, I don't believe we are going to see that happen again. It was the over exaggerated increase in prices on the left coast and in Florida that got us to where we are today. With this in mind, I feel that regulations are coming that will limit the value increases.
You definitely need to go out and check the home and get professional quotes to know how much a house needs to be fixed and to what standards.
I absolutely believe a home is a good long term investment. However will it double in the next five years... Probabely NOT. Looking at everything that has happened I really think we are more than likely looking at about 10 years. But then again... it might. Always a risk but longterm investment, look at history and you will see the reflection of how the investment of a home has grown.
Is it really cheaper to rent or to buy? Look below to figure it out for yourself.
You can make assumptions about future price appreciation. Many did and now find their houses are worth 50% less than when they bought them not that long ago.
In order to answer your question, we need additional info from you. You may have tried to send the link with your question, but it didn't come thru.
Another questions: Will this be your home or an investment property?
You should contact a local Realtor; they will be familiar with the area & will have access to do a Rental Comp to estimate what this home will rent for in the event this is going to be a rental.
Roswell Moore, CMPS
Certified Mortgage Planner
We have a loan for every home... simple as that.
If the Houston economy goes into SuperOverdrive(tm), and the next four years bring stupendous economic growth nationwide, then, yes, that home may very well double in the next five years.
Or, something else might happen to make the price double in the next five years!
If things stay the way they are, however, it's quite unlikely.