DO NOT DISTURB THE TENANT. SHOWINGS ONLY WITH MISSION HOME BUYERS.
Information and Comps
This single family home is located just 1/2 a mile from the North Carolina Research Campus ($100 Million Food Science Research campus for institutes and startups) and downtown Kannapolis. If you haven’t heard, Kannapolis is undergoing a $300M redevelopment project with a renovated downtown, Gem Theatre, new baseball stadium, luxury apartments, boutique restaurants and retail a 5-10 minute walk from this property. You can see the redevelopment progress here.
Renovated property prices near the food research campus have been shooting through the roof ($176,000+) with the flood of high paying jobs coming to the area.
This property is currently tenant occupied. They are on a month-to-month and have been for 8+ years.
This property is in fantastic condition and needs minimal work. The walls are very solid and have no damage, the foundation is extremely solid as well. House has beautiful hardwood floors through the living room and bedrooms. It also has an angled brick fireplace with a furnace that is not well conveyed in the photos. Outside, it has a great porch, back deck, a fenced in yard, car port, and a shed.
We would recommend painting, replacing the flooring in the kitchen & bathroom, fixing the ceiling in the laundry room, and repairing or replacing the roof depending on your goals. The HVAC is newer and both the siding and the vinyl windows are in great condition.
The comps for this property are $150,000-$176,000 within a mile of the property. The house on 110 N East Avenue sold in 3 days for list price of $9,000 over asking price for a total of $176,000. The cheaper renovated comp (1206 E 11th Street) sold for $140,000 with 6 days on market and it was 200 square feet smaller and sold in 6 days.
The property is 1,056 sq. ft., has very large rooms and a lot of character. You could easily make it a 3/1 by splitting the two oversized bedrooms into 3.
We believe this house could sell for an equal price of $160,000-$170,000.
Below is a link to see MLS comps in the area.
Rehab Estimate: $11,300 (Includes $2,000 of Misc. Expenses)
ARV: $165,000 (Click Here To See MLS Comps)
Closing Date: On or before September 10th, 2019
Closing Attorney: Southern Law Group
Non-Refundable Deposit: $4,000 sent to Southern Law Group. Refundable only if seller can’t perform within 45 days of closing date