One of my agents ran across an interesting deal in an improving neighborhood in NELA.
It needs a bit of work, say, $30k, but would work as a great owner user or investor property.
If you are an owner-user, you could potentially use an FHA loan on it, which would allow you to buy with 3.5-5% down.
There aren’t many deals in this market that work both on a price per sq foot basis AND on a GRM basis. That’s because, to get a low price per sq, you’re usually required to buy something beat up with low-paying tenants, implying a high GRM. And, if you find something with a reasonable GRM, it’s typically because the rents have been maxed out, implying a high price per sq ft.
For reasons that I can’t divulge here (because I don’t want the agents who read this to steal my ideas – hi guys/gals!), this property works both ways.
So, if you’re interested, get in touch and I’ll put you in touch with the relevant agent.