Wow! $150,000 (fee simple)

Wow! $150,000 (fee simple) 3 bedroom 1 bath only a couple of blocks from the beach in Hawaii!
There are some deals and opportunities  happening in Hawaii Real Estate.  Check this out:

ML#: 2816625 – Sold
List: $180,000
Sold: $150,000 FS – Fee Simple
TMK: 1-8-6-015-039-0000
Addr: 86-053 Farrington Hwy
City: Waianae HI Zip: 96792
Regn: Leeward Neighborhood: LUALUALEI

Now, I know some of you are thinking.  Oh yeah, that is Waianae.  That is too far.  Yes, I agree.  If you are commuting to Honolulu.  Waianae is very far.  Even if you commuted to Kapolei, it’s not that close.

But let’s look at it from someone living on the mainland or from another country.  This is a 3 bedroom single family home only a couple blocks from the beach.  This will make any investor, person thinking of retiring, or getting a second home look twice at this.  Picture an investor who is used to fixing up homes on the mainland and either selling or renting them out.  They make decent money from either their investments or their regular career.  A $150,000 fixer upper only a couple of blocks from a beautiful beach in Hawaii.

To me it makes sense to look at that.  Even for a local investor it’s attractive.

At $150,000 purchase price and let’s say 20% down and 7% interest, you are looking at a Principal and Interest payment of $798.36.

I did a quick search of rents in that area – http://www.apartments.com/Results.aspx?page=results&area2=y&state=hi&rgn1=180&subarea5=y&prvpg=5&Rent_Minimum=0&Rent_Maximum=99999&threebdrm=1&am43=0

I also looked at http://honolulu.craigslist.org/search/apa/oah?query=Waianae&minAsk=min&maxAsk=max&bedrooms=3

So roughly looking at $1050 to $2200.  Even at $1050 it is looking very interesting.

What are you thoughts or questions?

Aloha,

Jeff