This week I noticed that there are more cheap HUD listings than usual.  Most of these homes are on the Hilltop (west side), in Linden (north side)  and on the near South Side of Columubs. A price range between $15,000 and $20,000 is typical for these parts of town. Relists sell for even less, depending on the condition of the property.

These Columbus houses will need to be fixed-up. If you are lucky, you can find one where most of the rehab has already been completed by the previous owner. Bank financing is difficult to get for these properties, especially, if you need an FHA loan. You probably need to apply for a rehab loan, such as the FHA 203k, or use a private rehab lender to fund your deal.

The property at 287 S Eureka Ave (Hilltop) looks like a good deal. It is listed for only $23K. It is insured with a repair escrow, and comes with a new, 2-car garage. Homes on the Hilltop sold for around $80K only 2 years ago.

These Columbus HUD homes are good cash buys for investors and landlords. They make great rentals. Tenants will pay between $500 and $700 a month for the typical 3 bedroom home in these areas. There is strong demand for quality rental properties, as fewer people qualify for loans.

As an owner occupant you may still qualify for the first time buyer’s tax credit. For properties less than $80K you only get 10% of the purchase price. So don’t count on the full $8K from the IRS to fix up your new home.
  

Listing Statistics

Total homes available: 49 (last week: 58)

Owner occupants: 42
All bidders: 7
New listings: 17
Sunday deadline: 15
Relisted/Price reduced: 10
 
Median Price: $61,200 (last week: $72,500)
Average Price: $68,622 (last week: $71,572)
Highest: $179,000
Lowest: $14,000
 
Homes less than $50,001: 21 (last week: 22)
Between $50,001 & $100,000: 17 (last week: 22)
More than $100,000: 11 (last week: 14)
 
Call me TODAY at 975-9650 to see the newest HUD Homes this weekend!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650