A steal at about $500k. I don’t think we can swing the deal, but it is tempting. It has a summer income of $2,500 a week. I’ve been to this beach and rode around. I’ve probably seen the house.
As an investment, the thing pays for itself, so there would be no cash outlay beyond the down payment. The real estate slump should be over by summer 2010 and then I could consider flipping it to a more permanent home. In the mean time, I would have a place to spend the month of May and October – the rest of the year I would just collect rent.
Southern Maine Seaside Retreat – eBay (item 110283829914 end time Sep-26-08 04:53:12 PDT)
2 Comments
IS THERE AN EXTRA ROOM FOR YOUR SISTER IN LAW?
We aren’t going to go with this one because it is only a three season house. It has no heat and probably isn’t insulated well enough for a Maine winter.
Still looking though. I think it would be nice to have a cottage or apartment for the odd relative that shows up.