I'm from the school of thought that the less attention we give to Zillow, the better.

I would take the listing all day every day. I am still listing and selling REO and my cash buyers would eat this up. Fix it and relist with me to sell again. As far as Zappraisals, they are as worthless as paying for zip codes

 Since I don't know home values in Cayce, South Carolina, I have no idea what this property would be worth in this condition or in a fixed up condition. In my neck of the woods, we would be thrilled to get a house like that for $130,000. But as someone who spent many years doing rehabs on Victorian homes, the only truly discouraging thing to me in all of that was the (weird) tenant upstairs. 

Jeff Pearl A perfect example why consumers should not put any value in Zestimates.

All AVMs are like that.

Can't tell if you mean overpriced or under.

I don't have a South Carolina real estate license and I don't have any knowledge of the Cayce market.  If that property was in my market and available at that price, it would be likely be an unbelievable value that would garner a lot of attention.   I can imagine the calls received...lol.   

Thanks for sharing.

Nina Hollander and I - great minds think alike - do NOT give them any traffic!

I am with my soul sister Nina Hollander - I won't even click the link!

Jeff,

We feel the same way as Nina Hollander does.  A

I am glad that they are doing the estimating from the outside, and they had better not start peeking through the windows.

Weird situation.  Zillow aside, that sounds terrifying - "tenant upstairs, doesn't pay rent, doesn't leave the upstairs, gets their nourishment from birds and water coming through the holes in the roof".  

Woo Hoo what a deal!  The pictures are pretty descriptive.  I did enjoy the agents description as well.  I think I ned to be a little more creative with mine.  

I don't know your market.  Out here, that would go in 30 all cash offers at that price and for probably 300-400k.

I'm all about educating the public on why NOT to use Zillow and why TO use a real estate agent.  If I were you, I'd write a blog about this and distribute it far and wide.  I did one yesterday about the zestimate lawsuit in Chicago.

Z should be ignored.... 

I cannot imagine trying to deal with evicting the upstairs tenant OR buying something that I haven't either seen myself or had thouroughly inspected. Not viewing the upstairs is a dealbreaker for me. 

I don't know values in SC, but cleaned up, couldn't the property be worth the zestimate?

Yikes. Captain: I think the Klingons are attacking!

Not!   If the upstairs tenant has lived there long enough, they may NEVER be able to evict.  By allowing tenancy with no payments, the owner has, essentially, given permission.   Think adverse possession.  This is a legal hassle and the owner needs to be schooled on how to prepare a property for sale... meaning hiring a lawyer and getting the tenant out.  

I wish the general public understood that the "Z" estimates are often way off base.  All we can do is try to educate them when they talk about it.

Actually Jeff Pearl that house would sell very fast for that price here in our market. 

Zillow can do whatever it wants but hands-on cannot be imitated

Many people in the area never set their foot inside and came in with relatively high offers.  

Well there's an opportunity! It would be $500K here!

I admit, I am very intriqued about the upstairs tenancy!  LOL

Hi Jeff Pearl 

Is this a made up listing? I was surprised that the price would even be $130K.

Personally, I do not like predictive websites

Real estate is local so I don't know if the value is close to Z's price or not and of course Z doesn't know what the inside looks like. In California it would be worth 3 or 4 times that amount. Buyers set value as to what they are willing to pay so with the price cut I would say buyers have said NO so far.

You've clearly made a mistake ! If Zillow says it's worth it , it must be !

It depends on the market. If you look at comparable homes in the market, they appear to be listed for around $240,000. After repairing this "fixer upper" I don't think you would be much below market value, which means you'd be better off buying a newer home in good condition at market.

The good news is that $130,000 is just the list price. A savvy flipper can probably pick this up for under $100,000 and make a tidy profit.

I have not found Zillow to be correct on anything as of yet.  Their zestimates encourage buyers to low offer on homes that are priced correctly for the market.  But Buyers think it is true and correct therefore they low offer or move on altogether.   What a tragedy.

Too many red flags for me! Pass

Thanks for sharing this link.

Nina Hollander nailed this one!

Not a fan of zillow so no comment.

Another reason to pay NO ATTENTION to Zillow.

Thanks.

Since I don't konw the area, it's hard to say.  Perhaps the lot is worth that after teardown.  But I agree, Z doesn't have a clue.

Jeff Pearl - and once again, it's just 'Z'!

Until we start getting away from these lead gen companies we will be viewed less professional every time bad info gets out

Zestimates are worthless and buyers need to be educated as to why!

That does not surprise me. Nothing new knowing it is Zillow.

Nothing new under the sun with z.

I had to argue a zestimate with a reporter last week. He had no clue how the zestimates are developed and I hope I gave him a bit of an education!

  Nightmare Tenants.   Did Z take that into consideration?

Zillow does not operate in our great country.

I agree with Ken Jones - it SHOULD be illegal and am hopeful the pending litigation will dismantle these bogus values permanently - although I doubt it will!

As for the listing - great net on that property as an investment! $1,800 monthly income on a $130K property!!

If I cannot get in it there is no way!