Scott’s Blog Experience

Recently I was driving down Columbia Terrace when I saw a “For Sale” sign pointing to one of the side streets. I  am always looking for a good deal on property so it made sense to drive by and take a gander. I drove down Bourland which happens to be a pretty nice street. The property was in disarray, and in badly need of a extreme makeover.  It was a converted duplex. Just my kind of property.

The home listed for $52,000 and needs about $15,000 worth of work. It was listed as a duplex, but Peoria has a existing ordinance that if a duplex sits empty for over a year, it has to be converted back to a single family house.  Here lies the debate..

As I always do, I talked with one of the neighbors who happened to be President of the Association of that street (Bourland). She indicated that in NO WAY did she want that duplex to be zoned a duplex again, and she would fight to have it stay a single family. (Which is even debatable whether it’s still a duplex or not).  Keep in mind, almost every home on that street is well kept. However, one street behind it is Frink. A deplorable street where crime runs rampid.

So here I am as an investor who wants to invest in this property on this womans street. To fix up a run down piece of eye sore. My question to her is this:

What single family wants to buy a run down property next to a street that is crime ridden to convert back to a single family home for the list price of $52,000 and then another $15,000 to fix it up???????  Only to realize they will never even get close to $70,000 when they go to sell.

I ran comparisons on what has sold on her lovely street, and the last home sold for $42,000.

I understand her delima, and I sympothize with her and the crime she wants to avoid. But Renters are not the problem, its the landords who don’t screen, and who don’t keep the properties nice. The nicer the property, the more you ask for rent, the more abilty people have to pay it, cause they can afford it. Where is Common Sense Peoria when I need him?

Peoria needs investors to rehab old properties and save them. Who cares if it’s a duplex or not. The point is make it look like something the neighbors can be proud of. People aren’t running to Dunlap because of affordable housing.

Peoria also needs to get tough on Landlords, and create solid code enforcement to adhere to there own set of guidelines.

Read this story if you don’t think the City and the Neighborhoods are working together to solve big problems. You would think Peoria would welcome investment.