Originally Posted by Saccharomyces
PHX isn't Detroit. For $34K I would buy it and rent it out. Then when the market recovers 50% you are break-even and can sell both to get out if you want.
The problem is these properties are trashed and not move-in-ready, yet they're driving comps down all over the county....
At least Detroit had a job market - Phx's job market is based on construction....and now that that's pretty much done, I don't have high hopes for that hell hole.
I'm glad I'm out of there, and only have a crappy condo with a LTV of 300% that I'm renting out for about 75% of what my expenses are. Things will be worse when my current tenants move out in 11/2010.