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I bought my first house last year when the interest rates were super low (I got 4.45%) for $103,000. The house is a brand new 2 bedroom, 1 bath, 1 car garage, and an unfinished basement. I plan on finishing the basement in to another bedroom and another bathroom. When its all said and done I will have a 3 bedroom, 2 bath with about 1500 square feet of living space.
I would guess that the reason the price is so reasonable is because I live in western Iowa.
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