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7 Cheap Stocks to Buy That Could Double in 2017

Most of these stocks trade for $10 or less, and all have at least an outside shot of doubling your money

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Cheap Stocks to Buy: Independence Realty Trust (IRT)

Cheap Stocks to Buy: Independence Realty Trust (IRT)Stock Price: ~$9

Independence Realty Trust Inc (NYSEMKT:IRT) focuses on the apartment side of real estate, and is mostly active in the Midwest and Southeastern part of the country. It focuses mostly on Class A and B properties with almost 13,000 units.

IRT is somewhat overlevered with 72% debt-to-capitalization and 13 times debt-to-EBITDA — almost twice as high as peers. However, that leverage is not terribly expensive and laddered over many years.

I think Independence Realty Trust is undervalued anyway, but I think 2017 is going to be the year of the apartment bubble. Rents are insanely high, and I think that will drive the prices of all apartment REITs up.

Smaller players like IRT, which sits around just $625 million in market capitalization, could be buyout bait if that comes to pass.

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