*Video walkthrough available upon request for 235 Brevard and 324 Stockton. 237 Brevard is a mirror of 235. 322 Brevard is a mirror of 324 Brevard with a line drive layout of entrance through the living room, kitchen to the outside wall, bathroom at the end of the hall with the bedroom to the outside wall. Outside wall meaning each side has its room opposite of the other unit so the only parts with a shared wall are the bathroom, living room and the hallway
Summary
Great deal, the duplexes alone are worth 400K at least. The single family is worth 130K as is. At a 530K as is value you will buy into this deal with instant equity before doing any work. A duplex .2 miles away sold as is for 199K on the same block. There have been no renovated duplexes in the area so the ARV for the duplexes is very conservative. A package of 3 unrenovated duplexes (on a better lots) sold for 770K in a matter of days. It will not take much work at all to optimize the rental rates. The properties are solid and have been well taken care of with long term tenants and great landlords. This is a no brainer deal and won’t last long!
| Total After Repair Value | $700,000 (Conservative) |
| Total Optimized Rent | $5,200 |
| Total Current Rent | $2,150 |
| Asking Price | $350,000 |
Property
| Address | City | Bedroom | Bathroom | Sqft | Year Built | ARV | Current Rent | Optimized Rent |
| 235/237 Brevard Street | Statesville | 4 | 2 | 3,226 | 1950 | $240,000 | $1,200 | $2,400 |
| Address | City | Bedroom | Bathroom | Sqft | Year Built | ARV | Current Rent | Optimized Rent |
| 322 Brevard Street | Statesville | 2 | 2 | 1,432 | 1950 | $230,000 | $400 | $1,600 |
| Address | City | Bedroom | Bathroom | Sqft | Year Built | ARV | Current Rent | Optimized Rent |
| 324 Stockton Street | Statesville | 2 | 1 | 1,152 | 1950 | $220,000 | $550 | $1,200 |
Comparables
Details: 235/237 Brevard Street
Very spacious duplex with each side being a 2/1. Possible to create a small third bedroom option by using the dining room as a third bedroom if desired. One tenant has the dining room set up like this (picture with the green bed). Great condition, floors are solid throughout. One side rented at $550, the other at $650. Separate meters for gas and electric, shared water.
| System | Notes |
| Roof | New Roof |
| Heating | Gas Furnace |
| Air Conditioning | Window Units |
| Plumbing | Good condition, no reported issues |
| Electrical | Upgraded |
| Windows | Wood windows |
| Occupancy | Tenant Occupied – $1,200/month |
| Water Heater | Good condition, no issues reported |
| Water Source | City |
| Sewer Source | City |
Details: 322 Brevard Street
Former duplex, now a single family but property can easily be converted back to a duplex by building a couple of walls and opening up the former walkway by demolishing two walls that are set up as coat closets. There are still two electrical boxes. You would have to get the second one metered. It even has two separate heat pumps. Difficult to see but they are in the back of the house. There is some junk hiding them but you can see the tops. As a duplex it would be a 1/1 with each side having its own kitchen and living room. As a single family it is set up as a 3/2 with one of the living rooms serving as the third bedroom.
| System | Notes |
| Roof | Flat roof, no leaks observed on walkthrough |
| Heating | Central |
| Air Conditioning | Central |
| Plumbing | Good condition, no reported issues |
| Electrical | 2: 100 amp boxes |
| Windows | Wood windows |
| Occupancy | Tenant Occupied – $400/month |
| Water Heater | Good condition, no issues reported |
| Water Source | City |
| Sewer Source | City |
Details: 324 Stockton Street
Great condition single family with 200 amp electrical.
| System | Notes |
| Roof | New Roof |
| Heating | Gas Furnace |
| Air Conditioning | Window Units |
| Plumbing | Good condition, no reported issues |
| Electrical | 200 amp |
| Windows | Wood windows |
| Occupancy | Tenant Occupied – $550/month |
| Water Heater | Good condition, no issues reported |
| Water Source | City |
| Sewer Source | City |
Disclosures
ASSIGNMENT OF CONTRACT, CASH OR HARD MONEY ONLY, MUST CLOSE WITH OUR ATTORNEY, SELLERS DO NOT YET OWN, SELLERS ARE LICENSED NC REAL ESTATE AGENTS AFFILIATED WITH LEGACY REAL ESTATE SERVICES.
BUYERS TO PAY ALL CLOSING COSTS
$5,000 NON REFUNDABLE EARNEST MONEY DEPOSIT DUE ONCE UNDER CONTRACT
TENANT OCCUPIED, DO NOT DISTURB, SHOWINGS ONLY AFTER ACCEPTED OFFER
TITLE IN THE PROCESS OF BEING CLEANED. EMD IS REFUNDABLE IF CLEAR AND MARKETABLE TITLE CANNOT BE OBTAINED BY CLOSING.