It may also be more than its value a year from now, Findlater admits.

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Findlater hopes the renovations will boost the property's potential rental yield and, in three to five years, its resale price.

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Findlater realized he had lots of competition when he kept seeing the same Aston Martin and Mercedes-Benz in front of promising homes.

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"I don't want us to be a distrusting society, " said Mr Findlater.

BBC: Sex offence disclosure scheme used by 156 parents

The numbers are less appealing for tech investor Christopher Findlater of Miami, where home prices tumbled 14% in 2007 and 27% last year.

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Findlater spent months scouting waterfront homes with the aim of buying a property at a fire-sale price, renovating it and cashing in on an eventual comeback.

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Donald Findlater, of the child sexual abuse charity the Lucy Faithful Foundation, said most people using the disclosure scheme did so because something unusual - such as an excessive gift or interest - had been noticed.

BBC: Sex offence disclosure scheme used by 156 parents