Mission Home Buyers
Information and Comps
This lot sits in a Lakeland Park, a wonderful waterfront neighborhood with well kept homes and a private dock for the neighborhood. It’s surrounded by 4 large parks and is on the path for the Riverwalk development in Hickory which will make the neighborhood and location even more desirable. The lot is close to the water, the neighborhood dock, the Rotary Geitner Park (fishing, boating, and picnics), the Glenn C. Hilton Memorial Park, and the Hickory City Park. The lot slopes back in the back left corner but has enough build-able area as-is. Another option is to do a walk out basement and which could double the HLA.
Comps for new construction near the water are hard to find because most of the land has already been developed on. We estimated that that a 1,900 sqft build could conservatively sell for $325,000 but believe it could easily sell for $350,000-$375,000. The closest new construction is 1 mile south of the lot and similar sized homes are selling for $157-$159/sqft on smaller lots and in less desirable parts of Hickory. The house on 646 13th Avenue Pl NW sold for $308,250 and was sold the month they finished construction (see listing here). The house on 662 13th Avenue Pl NW sold for $306,700 the month they finished construction (see listing here).
We believe a new 1,900 sqft new build with mid-level finishes in this prime location could could sell for an equal price of $299,000-$350,000.
Click here to see the photos of the property
Click here to see the Bigger Pockets Flip Analysis
Financial/Closing/Rental Information
Construction Estimate: $171,000-$199,500
ARV: $299,000-$350,000
Closing Date: On or before March 28, 2019
Closing Attorney: Harry Marsh Law
Non-Refundable Deposit: $2,500 sent to Harry Marsh Law. Refundable only if seller can’t perform within 45 days of closing date