A short sale in Scottsdale, AZ. What do you think?

I have been looking for good deals down south for a while. Because I am Canadian, I didn't want to buy in Florida due to high property tax for foreigners. I wasn't interested in LV, CA for different reasons. Since Arizona has been a desired destination for Canadians, I started looking there in last month. I found this short sale in Scottsdale, AZ.

The house was built in 1993, with 4 bedroom and 2.5 baths, 2236 sf, good area and in good condition.Potential rent could be $1750 according to recent rental report from MLS. The asking price: $315000. It was sold in 2007 for $525000.

The $315000 sale price was approved by the bank and then the deal fell apart. So it will only take 3 weeks for an answer from the bank if I offer at $315000. The bank needs 25% down for foreigners to get a loan which is fine with me. I have an excellent Realtor working for me. She has been my ears and legs. I will be going there to see it by myself in next a few weeks. I prefer good deals for good area in the lower-mid price range. Hopefully it will be less headache when it comes to dealing with a tenant from middle-class.

What do you think? Especially people from AZ, I would appreciate your comments.

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不懂AZ.不过以前这里的大师们曾说过,rent 和房价的比要是1%,才能正的cash flow -surreal- 给 surreal 发送悄悄话 surreal 的博客首页 (105 bytes) () 10/09/2009 postreply 09:20:07

I believe it really depends on the area. You are right, it's ver -蓝莓庄园- 给 蓝莓庄园 发送悄悄话 蓝莓庄园 的博客首页 (0 bytes) () 10/09/2009 postreply 09:48:41

回复:I believe it really depends on the area. You are right, it's -中国必胜- 给 中国必胜 发送悄悄话 (99 bytes) () 10/11/2009 postreply 00:56:18

Scottsdale by its name is prestigious. Go for it. -中国必胜- 给 中国必胜 发送悄悄话 (50 bytes) () 10/11/2009 postreply 01:01:02

are there any other costs? -wayfe- 给 wayfe 发送悄悄话 (79 bytes) () 10/09/2009 postreply 09:25:21

Yes. property tax is $2000/year. HOA is $60/month. That's it. -蓝莓庄园- 给 蓝莓庄园 发送悄悄话 蓝莓庄园 的博客首页 (0 bytes) () 10/09/2009 postreply 09:47:15

回复:A short sale in Scottsdale, AZ. What do you think? -sweetptt- 给 sweetptt 发送悄悄话 sweetptt 的博客首页 (55 bytes) () 10/09/2009 postreply 18:54:07

回复:回复:A short sale in Scottsdale, AZ. What do you think? -雁南- 给 雁南 发送悄悄话 (335 bytes) () 10/09/2009 postreply 19:44:37

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