A house down the street from me has been vacant for at least three years, with a succession of realtor signs on the lawn. I don't know the condition of the interior, but the outside doesn't look much worse than any of a zillion other homes in the region.
Last week I noticed a small sign on the property indicating that a zoning hearing would soon take place regarding the house's status as a duplex.
Then yesterday a letter was distributed to everyone in the neighborhood (left on porches, etc.) from the prospective buyer, and some of the language in it caught my attention.. Here's an excerpt (emphasis mine):
I am aware of the concerns the neighborhood has in regards to the above property being zoned as a duplex. My plans for the property are to purchase it, and invest the capital needed to bring it up to code as well as to make it more attractive and respectable. This will result in attracting very desirable individuals to rent the property. All will go through a vigorous background check as well as a credit worthiness check. This will help to insure a happy end for all concerned. As stated above I care about the neighborhood as well as my financial investment into this home. I truly believe this is the best option for the property and your neighborhood. If the home does not remain zoned as a duplex, I will not purchase it. The options listed below are some that you may not have considered but you may want to think about.
Option #2 Another investor purchasing the property at a lower price. Not investing any money for improvements. Renting it as a single family home for lower rent price that will attract undesirable tenants resulting in more property decay and lower property values for the neighborhood.
Option #3 Property remains vacant and continues to deteriorate. The bank sells it for a very low price to an individual who cannot afford to make improvements, again resulting in further erosion of property values.
Please keep in mind, the lower the sale price goes then the more lower income individuals will qualify to purchase the home. I truly believe this is your biggest fear.
What do you make of this? Am I being over-sensitive? Or is the buyer using coded language to stir up fears for his benefit?