Property Description:
This home sits at the end of a quiet street and is nestled on a large 0.28 acre lot. The house sits directly next to the Coca Cola Factory, but there is a nice barrier wall that keeps the eye sore at bay. This home has a lot of potential with an open floor plan that can easily be configured as a 3/1.
This home will require a full cosmetic rehab. The exterior needs a new roof, and some exterior stucco repair. The roof is a metal roof and doesn’t have any holes, so you may be able to treat it and paint. The wooden carport needs new siding all the way around, but you will probably need to fix some lumber as well. The interior will need kitchen, bath, drywall repair, flooring, paint, etc.
The street that this sits on has a couple of ugly houses that you will have to compete with. I would recommend doing a top notch rehab to overcome those eye sores. Good news is, that you have plenty of equity to work with. For comps, I stayed within a half mile. You have to go back a year for any sales South of E Derby, so I added those just so you can see the ones near the Coca Cola plant. The other comps are still close, and sit south of Magnolia Ave. 180/sf is still very low comparatively, so we feel we have taken plenty off ARV, due to some of the negatives.