nofaith, any future sale price in a CAH house is tied to the consumer price index. (I think I've got the right index...) So some gain can be had but it's always likely to lag well behind a normal rise in real estate prices.
Interestingly, while it's a requirement that the qualified CAH homeowner live in the home, there's no restriction on collecting rent via housemates. With a multiple bedroom house it could turn into a very cheap monthly mortgage payment if not an actual money maker.
In the interest of full disclosure I am both a Realtor and a state licensed residential contractor. I'd asked about the rail trail because I have a client who's interest was piqued by a house listed on Poinsett.
Charleston Affordable Housing offers a great opportunity for those who qualify and are looking for a home of their own. The trade off for a homeowner is that if housing prices rise quickly in value, the owner of a CAH home won't experience much of that equity increase as their resale value is capped by the terms of the program. It's a very good program for what it's intended to do.
It takes investors to carry transformation to a "transitional" neighborhood such as this. Usually homeowners don't have the money/can't take the risk.
Unfortunately the one house listed as active on the MLS is priced too high to be feasible for any investor. The one FSBO was bought in May for ~$80k and has already been re-done as a duplex and is now priced beyond the reach of most whether investors or not.
There is a third house already under contract with the list at $49k and that's a price that can (and probably did) attract an investor who might restore the house. More of this is what is needed. Smart investors will either re-sell a house at reasonable value (so they don't have to sit on it.) or rent it at realistic rents. Either way the neighborhood gets a facelift and the community becomes more vibrant and hence more valuable. Hopefully this is where Poinsett and surrounding streets are headed.
Thanks for the info
What is meant by the "new rail trail"? Is there a link/source to read more about that?
I thought the play was great! (and so did my 3 companions) The acting was wonderful.
A story doesn't have to be complicated to be enjoyable. The thoughts and emotions conjured up by this play are ones worth re-visiting and this performance made it an enjoyable visit. What more can you ask for?
If you didn't see a performance this time around, you'll have a second chance come Spoleto. Don't listen to this reviewer, go see it for yourself!
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