Rehab investors: West End near-full gut yet with some new parts, inc. brand new central a/c unit. Property on a quiet street with minimal traffic, central to everything. Brick craftsman with a garage. Sale includes 3 lots all in a row, & all original components are very much intact.
Will be quite the regal property again once restored. Immediate comps on ‘iconic’ Main St. support a very large return. Work was started with some mechanicals having been replaced in recent years (furnace, hot water tank, garage roof, & windows), but still a lot of work to do, est. $80k+ to finish it off. Return upon resale potential est. $75k-100k.
- lots of parking off- & on-street; 1-car det. garage w/long paved driveway
- 3 parcels included
- ARV $250-300k
- 1-5 minutes to Downtown, West End Overlook, North Shore, Greentree
New/good:
- new central air
- newer furnace & H2O tank
- 3-4BR (3 bedrooms plus an attic which can house a 4th)
- electric newly ~1/2-updated — not completely rewired but has a new panel (tested & working)
- newer windows mixed with those which preserve caliber (ex., stained glass, divided light)
- street nicely retains area’s nostalgia
- first floor & basement each had a 1/2 bath, plumbing remains for reinstallation
- original hardwood floors inc. 2-toned stairs, window casings & hardware, doors, built-ins; fireplace ornamentals
- sizeable covered porches F+R
- red wooden work/storage shed
- market rent $1,760-$1,920–
Current value as it sits gauged at $120-140k.
A seasoned rehabber could make the most money & sense out of this deal, but it’s cheap enough where you’d collect even skimping a bit on the updates with most mechanicals sound or even new/newer
—4-unit @ 662k – here
—middle rowhouse w/similar sq. ft. (on side street) @ 355k – here/
—also on big lot w/garage, identically sized house 20 years older @ 286k – here/
- Taxes: $1,487 total ($1,290 + $130 + $67)
- Electric: Partially updated
- Plumbing: Mixed
- Kitchen: Needs updating
- Bath: Needs updating (1); needs reinstallation (the two ½s)
- Roof: main: ≈10-15 yrs old; garage: newer
- Furnace: ~4 yrs old
- Hot Water Tank: 6-7 yrs old
- Windows: Mixed; newer double-paned & original style (w/Tiffany coverings from 1st floor stored in the basement!)
- Floors: 3
- Parking: 1-car det. garage + driveway + street
- Rental Potential: $1,850/mo