Dear Steve:

Reads to me that your house, being “only about 1 mile away from the priciest neighborhoods” is a very promising investment. Neighborhoods in Manhattan that used to be rough, and rent prices there were cheap in the 80s, are now extremely expensive to live in. I know a person who purchased one apartment in Manhattan’s then poor, rough neighborhood who now makes lots and  lots of money renting that apartment.. because it was very close to the rest midtown Manhattan where then and now real estate is extremely expensive.

I know of a person who purchased a house in a poor looking neighborhood in Seattle. Only a few years later, his house is worth a lot of money.. because it was close to more expensive neighborhoods.

A close proximity to an expensive part of a city often means a great increase in real estate value in the future, sometimes the near future, and so, this seeming disadvantage for you, may be tomorrow’s great advantage!

anita