A survey of Lilburn Area Deals, part I
November 18th, 2008 Categories: Lilburn
I took the opportunity to visit a couple of area deals. Before I talk about the properties, I should take a moment to describe how I got here…
Currently there are a bit over 450 properties on the market in the area. From this, I looked for those that were most likely to be at an exceptional price for the value. I narrowed it down to 4 candidates that looked really promising. None of these are my listings. If you are interested in one of these properties, feel free to contact me.
Kitchen
The first property is a “handyman special.” It is priced well, but I think needs to drop just a little bit more to be where it really needs to be. On paper, it looks good, priced slightly below $100k. Neighborhood comps point to ARV (After Repair Value) in the $140k-$150k range, with the appropriate upgrades and changes. And that would be in the current market, not the fantasy land of 2005. If the market were to come back to those levels, the value should be in the $170k-$180k range.
Living Room damage
What the property needs to be top notch would be carpet, interior paint, some gutter repair and handy type work and possibly returning the garage to garage usage (it had been converted to a family room). It could also use some exterior maintenance. Most of it is deferred maintenance and the issues that come from foreclosure and being vacant. If one were doing all of the work themselves, it would take about $10k… if it was hired out, it might be $15k.
The appliances are dated and some of the previous work is less than adequate. The paint had been done sloppily in the past. But as real estate agents like to say… It has good bones. There is a partially unfinished basement, and the yard is fairly generous, especially for the price. There is already a slab laid next to the house if one were to want to build a detached garage in the back yard. There is also a nice little stream on one side of the property.
All in all, it could be a pretty good investment for someone looking for an entry level property. It would take a month to get ready, but should be able to cashflow immediately, as well as provide long-term appreciation opportunities.
