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We’ve all see them, the most terrifying looking home on a given block; you know the home that neighborhood children run from in fright.  Or maybe the house most adults look at and question if it’s a crack house or if a tornado singled out one house on a given street.   To a real estate investor the first thing we typically think of is the possibility of rehabbing the frightening looking home to make some serious dough.

But wait, what would make one of these naturally ghostly houses a wise investment?  Here are a few things to consider when evaluating weather a house is a good investment property.

Location; Is the home in a nice area with good schools and nice neighborhoods?  If the answer is yes, then your eerie house may actually be a wise investment.

What is the value of other homes in the neighborhood?  In other words, if this frightening home were as nice as the neighbor’s home, what could it sell for in the current market?  If other homes in the area have a much grater value then the creepy house passes the second “wise investment” factor.

 What’s wrong with the house besides the obvious spookiness?  If this home was just hit with the “ugly stick” and needs only cosmetic improvements to match the scenery then the home is in good shape to becoming a wise investment.

For a home to be a wise investment it should be structurally sound meaning the walls are not bowing, the structure is not cracking and the roof is not caving in. If the home is not structurally sound you will have to weight if the costly repairs that will be needed to repair the structure along with the initial investment into the property outweigh what you know you could sell the home for. 

Making a home structurally sound can be very costly.  If minor repairs to the home are needed which in most cases will be likely, it’s always wise to have an inspector look at the property to help you gauge how much would it cost to rehab the home to a condition that will allow you to sell and make profit on the investment of purchasing the home and money put into repairing it.

If you do the math and the home that provides the neighborhood schoolchildren with creepy stores and frightening dreams is a wise investment, GO FOR IT!!

When it comes to investing in real estate it’s always a good idea to research the properties history.  In true Halloween spirit, this post directly outlines property that we would not recommend investing in and how important it is to learn the history of the property before making a deal.

Satan’s Lair, Not a Good Investment

Near North Broadway in New York the home of “Son of Sam” also referred to as the “Son of Sam Building” or “Satan’s Lair” is remarkably still in tact and now the home of someone who resides at 42 Pine Street in Yonkers, NY apartment 7E. 

David Berkowitz or better known as “Son of Sam” was arrested on August 10, 1977in front of this Yonkers apartment building after killing 13 people.  Berkowitz claimed to be taking orders to kill innocent people from a neighbors Labrador retriever.  When he walked out of his apartment to a squad of cops he famously asked “What took you so long?”

In an attempt to forget the horrific occurrences that at one time surrounded this building the name of the building was changed from Pine Hill Towers and is now called Horizon Hill as well the street number has been changed from 35 to 42.   But the horrifying reality of the monster who at one time called this place home is not easily forgotten. 

Sam Carr, owner of the dog who was supposedly barking orders to Berkowitz resided at 316 Warburton Avenue is still standing and occupied by a new owner as well.   On anniversaries both properties still receive film crews and curious individuals who stop and stare.

In the 7 story 110 apartment building apartment 7E boasts beautiful views of the Hudson River and seems like all other apartments within the building, besides the haunting reminder of the evil that once occupied the space, the numbers on the door unlike all others in the building are outlined in black.  SPOOKY!

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