Real estate prices in Texas crazy cheap?

[LevelUP]

My fairly confident guess is that a condo in Houston for $60k that seems okay visually is non-warrantable.

Why would you think this?

The pricing of a house is primarily based on its location and the condition of the home.

While it’s possible to get a discount if a house doesn’t qualify for a federal mortgage, I wouldn’t expect it to be as much as 50% off.

Fannie Mae/FHA rules state that if 50% or more of the units are rentals, the condo or townhouse does not qualify for a loan.

There are hundreds of listings in the Houston area. What percentage of those listings are you claiming don’t qualify for Fannie Mae/FHA loans?

Too many of the units being rentals is a common reason for a condo complex to be non-warrantable.

Fannie Mae/FHA rules are that if there 50% rentals then the condo/townhouse doesn't quality for a loan.  

There are hundreds of listings in the Houton area.  What percentage of those listing are you claiming don't qualify for Fannie Mae/FHA loans?

During the housing boom, many multifamily properties with 200+ units were converted into condos. Due to the sheer number of units, it’s common to see some of them being rented out.