Yeah, I'd say that's a fair and candid analysis, Enki. My gf and I just bought a wonderful house, which was in foreclosure, for under thirty-grand. When we ran the comps, other similar houses were selling for triple that price. We thought about selling the place in a year or so, but we like the house and the neighborhood more and more, so we'll probably stay put for a while. But yeah, it's easy to underestimate the amount of work (and time and money) that can go into a satisfactory renovation.
"We do not see things as they are, we see them as we are." Anais Nin
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