A survey of Lilburn Area Deals, part II
November 19th, 2008 Categories: Lilburn
Greatroom
The next stop on the Deal Train was at a slightly bigger and more expensive home. Instead of a 3 bedroom, 2 bath ranch, this is a 4 bedroom, 2½ bath traditional with a front porch. If you didn’t hit part I, you might want to check it out.
It has a giant yard, coming in around 2/3 acre. There is even an outbuilding for the inevitable yard tools. The exterior is in pretty good shape, but as with most vacant properties that haven’t been occupied for a while, there are some items that could use attention.
In this property, the stove and the fridge are both missing, but everything else looks to be in reasonable shape. In fact, the main level is pretty servicable as it is… carpet could use a cleaning, but may not need replacement. While a little dated, the treatments aren’t too bad. Upstairs is a different story. The paint is seriously in need. Of course, that is cheap and easy. The carpet is marginal at best. But again, the bones are good. There is a lot of natural wood on the lower level, including very nice built-ins around the brick fireplace.
Kitchen looking to Breakfast Area
This property is far from being a “handyman special” or fixer-upper. In fact, aside from a few small things, it is renter-ready, or could be a great primary residence. It is priced accordingly. The ARV (After Repair Value) in the current market is likely in the $180k-$190k range. In a strong market, I would look toward the low $200k range. But on the flip side, we are talking about a property that is ready to roll with a couple of gallons of paint and a carpet cleaning.
To be a deal, this property needs to drop another $10k. With the current price of $170k, it is just not screaming “deal” yet. However, as time goes on, that price will need to drop as the condition deteriorates. Condition of vacant properties almost always deteriorates over time. Of course, don’t think that means that it would go down $10k/month or something. But, by the time spring rolls around if it is unsold, this will be a $150k property unless the market is showing serious recovery signs.
