There’s always something to howl about.

The frumpiest little dump in the Midwest makes news again . . .

O, the ignominy! Danville, IL is in the news again

This time, my frowsy little fly-blown hometown amends its past notoriety as the cheapest-of-the-cheap housing markets by refusing to release its abysmal sales data at all:

[T]he Danville Board of Realtors in Illinois has decided to withhold sales data from the National Association of Realtors trade group after the Danville metro area ranked as the lowest-price market in the nation during the second quarter of 2006.

“We looked into it – all avenues of what we should do,” stated Debbie Borgwald, executive officer of the Danville board, in the article. “We want to let people know Danville is a great place to live.” She also told the newspaper that the low prices for the metro area had generated negative publicity.

I personally am only interested in rental homes that will appreciate in value. It’s nice to be cash-flow neutral or even mildly positive, but all the money from residential real estate investing comes from leveraged appreciation. An “alligator” in a growth market is the world’s most lovable pet.

However… If you’re the kind of investor who likes to buy cheap dumps for the positive cash-flow that can accrue from providing affordable rental housing to motorcycle enthusiasts and tenants even less savory, by all means go to Danville. You can pick up single-family homes for $20,000 or less. The rent might only be $300 or $350, but the houses will throw off positive cash-flow no matter how you finance them. Plenty to choose from, too…