I love Durham yet would not want my daughter living there. While the house is cheap, it will need extensive repairs to bring it up to good living condition. That will most likely include code issues, plumbing, electrical, HVAC, new roof and then many cosmetic issues inside. It may be worth considering this house with the total price of renovations and comparing it to a house located in a more desirable area that may be in better condition. Long term, in fact any term it makes sense to buy in a better neighborhood.
Are you working or going to school? If working, what is the location? When you aren't working, what do you do and where do you like to do it? How long do you plan to hold onto the house? These are all questions worth considering.
Location is the first and most important decision to make. In order, here re the 5 most important factors:
Location, location, location, price, condition. That is it.
I hope your search process goes well. It would make sense to speak to a lender to find out what you can afford. There are programs in NC for first time home buyers that a lender can explain to you. If you don't have a lender, I can recommend a superb one. Richard Riano Richard@aeslending.com. 919-439-9862 He is first rate.
Yes, Larry is right, this is in a tougher part of Durham. Are you looking at it as an investment or as a primary residence? I am a contractor and I buy houses at foreclosure almost on a weekly basis. My wife is a real estate broker also. If you are interested in getting a good deal on something that is not listed, I can help with that, or my wife can help you with what is currently listed. You can contact me directly at 919-672-5678.
Toni Kemble, Broker/REALTOR
THE KEMBLE TEAM
Real Estate Made Simple!
Deborah Miller, Realtor
Coldwell Banker HPW
There's a reason this house is priced like it is. It's in what some would conisder a somewhat tough area.
I haven't personally seen the house, which looks fine. It's been on the marekt for just about a year now.
I'm booked up solid this weekend but with some advanced notice would be happy to help you.