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An increasing number of real estate investors are looking to use vacant and “zombie properties” as potential cash flow streams. Since housing inventory is low, developers and flippers are refurbishing older properties and selling them or using them as rentals.
For reference: A zombie property is a home that is deemed vacant and currently in the foreclosure process. A zombie home has a mortgage lien in foreclosure, but it is neither lien-free nor fully foreclosed. A vacant property, by contrast, is an unoccupied home, whether due to abandonment or death.
According to ATTOM’s latest Zombie Foreclosure report, here are the top 10 zip codes with the highest zombie foreclosure rates.
- 61605 – Peoria, IL
- 66604 – Topeka, KS
- 61603 – Peoria, IL
- 46208 – Indianapolis, IN
- 14092 – Lewiston, NY
- 62948 – Herrin, IL
- 14905 – Elmira, NY
- 32064 – Live Oak, FL
- 45804 – Lima, OH
- 66701 – Fort Scott, KS
Our take
This report shows how deep you can go on data. Not only can we get foreclosure data at the state and county level, but at the zip code level! That’s valuable for any real estate wholesaler, buyer, or investor looking to pick up a property well below market value and turn it around for a profit. If you’re planning to do the same, be sure you have the available resources and a competent team in place. Also, make sure to cushion your budget to cover any unforeseen events that might derail your project timeline.