The $25k House in CT

Can you believe it? There is a house in CT that is on the market for $25k. I couldn't believe it. A couple weeks ago it was listed for $49K, which I thought was unbelievable at the time. I only thought there were homes of this price in the Midwest or some rural parts of the country. Not in CT? We are halfway between Boston and NYC. I couldn't believe that it was still available. I sent it to a Client of mine about a month ago. When I spoke to him this week, he mentioned that he drove by it and wasn't interested. He also mentioned that is went down to $25k. Well, almost, $24,995 to be exact! He stated that he wasn't interested, so naturally, I called and set up an appointment for myself to see it that same day. The house list listed with Broker A, an agency that specializes in REO's, or bank owned property. I have been in many houses listed with them, it was nothing unusual. The woman at the showing desk gave me a numerical code for the lock box, which was on the front door she told me. When I arrived at the house and went up to the front door, the lock box that hung from it required a letter code, not numbers. Hmmm. Maybe there is another one at the back door? I went around the back and to no avail, no lock box. I went back to the front door and thought for a minute. I remember touring manyo of the listing agency's properties and 9 out of 10 times, they used the same letter code. Oh yeah, I remember now, it was 3 letters. I looked down at the lock box and saw that there were 3 dials. Lets try this, I thought. I dialed up the letters that I had remembered and VOILA! It released a key. I figured that no one has been in the house at this price since they can't get their act together to give the right code out. I better tour fast.
This picture doesn't do it justice, this is a photo of the rear of the house. The front has a cute little porch and some dormered windows. Listed as a farmhouse/cape, it has 3 bedrooms and 1 bath. What a great little rental I thought! Oh yeah, the copper has been stripped, so it needs new plumbing throughout the home. Stripped copper seems like a common theme these days. The copper may be missing, but the thieves were neat! Not a hole in the wall like that other house I looked at. Looks like they may have just taken the base board copper. Always wanting to get a deal, I put in an offer for $15k. Knowing the bank is going to try to hold onto to every little penny, I am hoping to get it for $20k after some tough negotiating. I will keep y'all posted on my cape conquest. Wish me luck..............