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A look at 3 successful sites that are built on expired domains with varying intents. This case study was published by Ted's SEO Newsletter.
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The gist of the case study :
1st site - Full Churn & Burn
2nd site - Merging two sites into one
3rd site - Aspirations of a 7-figure exit
It just shows that the right application is very important when playing with SEO (as with most of the things in life). You can read the complete case study here.