If you were looking to buy a house in the arena of half a million dollars, you probably weren’t expecting to see this. Currently listed on Zillow for $550k, this is a home in Portland which has been on and off the market since it last sold in 2019 for $140k – and surprisingly has not sold since.

As you may have already noticed, the roof of the house is not in the best condition with blue tarp being readily visible from aerial shots. Furthermore, the windows are boarded up, so its also likely these would need replacing if you wanted to move in.

If you aren’t impressed, the property is listed as a potential investment since it is zoned for commercial / mixed use and can be transformed into 12 apartments.

The problems with this are relatively obvious. What kind of commercial building would be worth building in the middle of a residential street? Furthermore, parking would be extremely challenging if 12 apartments were built and occupied on a street like this.

However, the property probably isn’t quite as overpriced as it first looks. Granted, it seems that nobody is interested for the current price, but obviously the land does have some value. The fact it sold for $140k prior to the housing market exploding in value should show that it has some potential at the very least.

Nonetheless, it doesn’t look like it will be sold any time soon. How much would you pay for this property?