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We bought a cabin last August and have been using it and renting it out with a management company, pretty much renting it out enough to break even. Got contacted by my old realtor who knew we wanted something bigger and on the water somewhere and told me the market was hot. We listed it Saturday afternoon at more than 100k over what we paid for it just last year (we did buy new appliances and counters and made some exterior improvements, probably 10-15k). By Tuesday (the realtor's deadline) we had 16 offers including a few about 20% over asking (a few cash ones, but those were significantly lower). Ended up taking a big offer with appraisal protection, but will end up with 70% increase in a year (more than triple our cash investment). Not sure how long this is sustainable, but we will not be buying during this craze, even with the 2.3% mortgage we got on a rental place. Maybe the profits go in to stocks.
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