Of 86 homes formerly belonging to infamous slumlord Robert Coyle placed up for auction earlier this year, 20 are still for sale at cut-rate prices.
Madison Hawk, the New York-based company handling the sale, announced today that 12 of the properties are for sale at $10,000 apiece, and 8 more are subject to a 5-year lease with a tenant option to purchase.
The properties were first put up for sale at an auction in May by Kenpor LP, a group of investors that acquired the portfolio of former Coyle properties after Coyle was convicted of bank fraud.
Kenpor originally planned to rehabilitate and sell all the homes but instead opted to sell off the houses after running into funding problems.
Coyle is still sitting in federal prison for receiving millions of dollars in fraudulent mortgages on homes in Kensington and Port Richmond.
Coyle collected rent checks from unsuspecting tenants while liens on some of the properties piled up and mortgage bills went unpaid, leading to some tenants’ untimely and unexpected evictions.
For information on the properties for sale, visit madisonhawk.com.