This Multi-Family Foreclosure is located at Choate St, Portsmouth, VA 23707. This property is currently bank owned with an estimated market value of $193,715.
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This multi-family property is available as a foreclosure at Choate St. Based on our analysis of the current market conditions in Portsmouth for Choate St and comparable listings, the estimated market value is $193,715. If purchased for rental purposes, the monthly rental rate could range between $1,560 and $2,100. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Choate St are updated daily along with others in Portsmouth, Virginia. Since this property is a foreclosure, check out our Foreclosure Timeline for Choate St below to see helpful information about this listing.
Not in Foreclosure
The property located at Choate St in Portsmouth, VA is listed as a ForeclosureProperties like Choate St in Portsmouth, Virginia listed as foreclosures have passed the point of auction or public sale. Because the properties were not sold at auction, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through a local real estate agent or auction house in Portsmouth, VA. The longer lenders own properties like this on Choate St, the more eager they become to sell, often at reduced prices.
Foreclosures often mean the original homeowner had some sort of setback that caused him to allow his lender to take the property. Rarely does a lender want to retain possession of real estate, so it will be motivated to move it off the books as quickly as possible. A fast turnover is what the lender is looking for, so a big part of the marketing plan might include pricing for a quick sale. In order to take advantage of foreclosed properties there are some basic steps to be followed:
Steps as you search for your foreclosure property:
Foreclosed properties can represent excellent opportunities to acquire real estate at bargain prices. But in order to take full advantage of these opportunities you must have all your information and take an organized approach to finding and acquiring foreclosed properties. Find the location and property that interests you, work with the Realtor and closing agent to learn all you can about the property, and make your offer based upon good information and research.
The estimated rental value for Choate St located in Portsmouth, VA is $1,830/month. Comparable homes around Choate St that are rentals have monthly ranges starting as low as $1,560 per month and as high as $2,100 per month. An owner looking to use this property as an investment could bring a return in the area of $1,560 - $2,100 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.
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