Considering buying a house in San Bernadino (San Bernardino, Salton City: fit in, best neighborhood)

[NomDePlume]

I'm a 24 year old Caucasian college student who is hoping to take advantage of the housing crash to buy a cheap house. I've been approved for a loan but my income confines me to the 50k area. I am unable to move away due to school and work and San Bern is not only very cheap but also close to my campus and workplace. The problem is that most of the available houses are in pretty bad neighborhoods. One potential house in the Alessandro neighborhood, right across from the elementary school. I would certainly take precautions, not go out at night, install a security system and the like. Houses in that neighborhood that are selling for 50k cost 230k before the crash so it seems like I could sell it for at least some profit in a few years.

[Fontucky]

About what you'd expect for that price range... lots of window bars, security screens doors, and BEWARE OF DOG signs. You'll need a lockable garage.

[Dunbar42]

Originally Posted by NomDePlume

Houses in that neighborhood that are selling for 50k cost 230k before the crash so it seems like I could sell it for at least some profit in a few years.

I wouldn't expect to make much of a profit in San Bernardino. Peak bubble housing prices are probably not returning to the inland empire for 20+ years. And most of that will be due to inflation, not some stellar appreciation of the real estate.

[NomDePlume]

I don't expect to be able to sell it for anywhere near what it was worth pre-crash but profit is profit. I would also be doing a good deal of improvements to it (security related most likely). The property i'm looking at is literally across the street from an elementary school, does that mean it's at all safer? Also, only one house I saw had barred windows.

[Dunbar42]

I thought the idea with fixing up real estate is to buy the worst house in the best neighborhood. I don't know if you heard that the city of San Bernardino just filed bankruptcy and the median income is $40k a year. If you just want cheap housing I'd say go for it if you don't mind the neighborhood. Just don't expect to make much of a return on your investment like you see on those house flipping shows.

[Dallas Cowboys Fan]

Just stay out of the housing market in San Bernardino. It's gonna be a long time before those houses are worth more. Even the high desert is probably a better investment.

[RyanMcKenzie06]

You'll die in San Bernardino. I'd rather live in Salton City than that hell hole.