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FOR SALE: Hopatcong's Cheapest Home?

Two bedrooms. One bathroom. Cost ...

Can you afford Hopatcong's cheapest home?

This two-bedroom, one-bathroom abode at 34 Stevens Trail, which has been on the market for more than two years, includes vinyl siding and asphalt roofing. And a glance at its photos on AOL Real Estate shows the front doesn't seem to need much TLC and it even comes with a tiki bar.

But it'll run you $35,000.

What do you think of it? Tell us in the comments and take our poll.

apple November 04, 2011 at 11:15 AM
There is big work to be done to this place, you pay 35,000 for it,but you have to dish out over 100,000 to repair it to make it liveable.
Chrissy November 04, 2011 at 01:33 PM
I would totally buy it.
apple November 04, 2011 at 01:58 PM
Having a home on the market more than 2 years,must have something majorly wrong with it.Must need new septic and well or mold issue.
Edubb November 04, 2011 at 02:02 PM
Buy it and rent it out for $500 per month and you pay off in less than 8 years.
JenniferB November 04, 2011 at 03:11 PM
Yeah, I agree with apple. Something must be really wrong with it. On gsmls.com it has this note: Short Sale this home is strictly as is, need new approval from bank
Chrissy November 04, 2011 at 03:46 PM
Exactly my thoughts Edubb! Some people seen no potential in anything. You can buy it, fix it and rent it out. It would be a nice second income. And I believe that would be worth at least $1000/month. Nice!
Chrissy November 04, 2011 at 03:53 PM
The ad says its up for short sale. Which means the bank is only asking what is owed on it. Yes, there are most likely repairs needed. But, to me it is worth checking it out and finding out how much repairs is needed. I saw a house being sold for $130 on the lake in Byram. Beautiful home, but needed $35K in septic repair. And so what? You buy a beautiful home on the lake for $160K? You purchase the home and fix it, AND still has equity. Same thing here. Even if it costs $35K to fix. You pay $65K for the home. Where can you buy a home for this price? Can provide a second income? And have instant equity? I see this as a golden opportunity if you ask me! ;)
Cliff Lundin November 04, 2011 at 04:42 PM
The selling price in a "short sale" is subject to lender approval. I have had multiple experiences where the bank rejects a short sale price and counters with a higher value. The price may be a "teaser." to generarte an offer to see what the bank will accept. INSPECT/INSPECT/INSPECT.
Diane Dellicker November 04, 2011 at 04:58 PM
I can't imagine any house that wouldn't be worth $35,000...for the same reasons others have given.
Jimmy Sheridan November 04, 2011 at 05:52 PM
its across the street from me looks ok on the outside do not know what it looks like inside
Roll Back Our Tax November 04, 2011 at 07:38 PM
I wouldn't buy it. Has sat vacant for too long and probably has mold issues. http://www.zillow.com/homedetails/34-Stevens-Trl-Hopatcong-NJ-07843/39942090_zpid/ Appears to be smoke damage. Last sold for $210,000 in October 13 2005. Probably worth much less now. If I did buy it, I would appeal my taxes. Right now paying $4,067/year. Properties in that neighborhood are mixed in value. http://www.zillow.com/homes/34-Stevens-Trail,-hopatcong,nj_rb/ Year Property taxes % Change Tax assessment % Change More entries 2011 $4,067 5.8% $205,300 -- 2010 $3,845 5.9% $205,300 -- 2009 $3,632 5.3% $205,300 -- 2008 $3,449 18.0% $205,300 156% 2006 $2,923 -- $80,300 --
Chrissy November 04, 2011 at 08:09 PM
They should roll back those taxes to 2006... that sounds good to me!
StillWatching November 04, 2011 at 11:07 PM
Not always. We are in a really bad housing market. I know people with houses that need minimal to no TLC, and have been on the market close to 2 years or possibly longer. It's just some people are in the boonies where no one wants to live and a lot of people are not willing to take the outrageously LOW offers these buyers are coming in with. It's a buyers market but some buyers are making unbelievably low offers for what their bidding on. It's a slap in the face to home owners.
Michele Guttenberger November 05, 2011 at 05:26 PM
Taxes are an issue for investing in any real estate. Real estate is an investment that carries an expense - property taxes. Hopatcong is a high tax area. We pay more and get less which gives us the lower tax number than our neighboring towns. We have less services to be taxed but what services we do have we pay a premium for. So it is a fallacy that Hopatcong has low taxes. May have been a true statement 8 years ago but not today. Why invest in investment property in a town that has limited services and has shown it can't control its taxes. This would be a good reason why investors do not invest in property in Hopatcong - the recent history of escalating property taxes despite the Town's budget voting record. If you can not rent this property from the get go you are stuck with the taxes on this income property you are not making an income from. You can't escape death or taxes and a non rentable home is a money pit of taxes.
Emily December 25, 2011 at 04:53 PM
Thanks for the heads up on a short sale. Alot of people believe this is an easy way out.Not so. If a bank is involved they are in it to make money. So many different angles in buying and selling a home these days. They really make it very difficult for people to follow that so called american dream, which so quickley turns into a nighmare. Thanks again Mr. Lundin for your expertise.
Roll Back Our Tax December 25, 2011 at 05:08 PM
Plus I am sure there are back taxes owed on this property. Having experience in sheriff sales, if you can't get the municipality to release on those back taxes and if the bank hasn't kept up with paying on them...there are probably tax liens as well as other liens on this property. Not worth it! The borough doesn't like to negotiate anyways.

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