If you go to view the house, please be aware that although the house is vacant, it appears that some people are still using the house. It’s on a rough corner of an otherwise C-class neighborhood. Personally, I would bring the sheriff out kick anyone out and secure the property (board windows, change locks, and install security system) before beginning renovations.
Information and Comps
This single family home is located just minutes from downtown Kannapolis and Concord. This is the ugliest house in the neighborhood that you’ve been looking for. This neighborhood is surrounded by $300k+ homes. This property is in fantastic condition structurally but it does require a cosmetic rehab & some mechanical work from the property being vacant for 4+ years. The walls are very solid and have no damage, the foundation is extremely solid as well – it is made of large pillars. House has beautiful hardwood floors throughout the property (most have been covered up with carpet). The utilities are currently turned off. We would recommend replacing the gutters, repairing the roof, HVAC, windows, exterior doors, new kitchen & new bathroom, refinishing the floors, painting the interior and re-plumbing the property.
The comps for this property are $150,000-$160,000 within a mile of the property but we educed the selling ARV to $145,000 due to the surrounding houses. The house on 6208 Charlie Walker Rd sold in 3 days for list price of $159,500 and was 100+ sq ft smaller. The house that sold for $150,000 on 5662 Pagemont Road was slightly larger but was not rehabbed at all.
The property is 1,247 sq. ft., and has very large rooms. You could easily make it a 4/2 and add another 350 sq ft by enclosing the car port and making it master suite.
We believe this house could sell for an equal price of $145,000-$160,000 without enclosing the carport.
Below is a link to see MLS comps in the area.
Rehab Estimate: $49,825-$55,000 (Includes $15k of Misc. Expenses)
ARV: $145,000 (Click Here To See MLS Comps)
Closing Date: On or before March 18, 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