It is a 2br 1ba home with a 1br 1ba full separate apartment in the rear equipped with kitchenette. Not personal property. Appraisal says 1,100sq ft of heated living area. Approx 26,000sq ft site size or .6ac.

I do not base my values off of the tax value as I have familiarized myself with appraisals and they can be pretty far off, but the county data says the last appraisal came in at 84k: Land 20k Building 53.8k and apartment 10.2k.

Repairs needed -

laminate floors in the front should be replaced

bathroom has cracked tiles

minor holes/cracks in the drywall

bathroom and kitchen sink's are chipped

some trim work and drywall work on the ceiling

roof leak over the carport that is attached to the apartment out back. Homeowner said he had a roofer come out and give him a 1400-1600 estimate

Looking at about 5-6k rehab

Home owner said he had the house appraised 7 years ago and it was valued at 90k. I am working on getting a copy of this now.

I do not have access to the MLS for that county so trying to find decent comps on Zillow hasn't been very successful. Most similar I could find were within a couple miles of the subject. I will include recent sold price and zestimate values just for means of comparison.

1st comp was 2br 1.1ba 1500 sq ft. with a 3rd bonus room/office space that they are calling a bedroom. It is updated with higher quality counters, floors, cabinets, etc. It recently sold for 118k and has a "zestimate" of 125k. Similar house overall. This home was built in the 30's, so 40 years prior to the subject.

https://www.zillow.com/homes/for_sale/house_type/7...

The next is a 3br 2ba 1600 sq ft ranch style home even more similar in style to the subject. It has recent updating with items of similar quality. Pretty similar rental grade updating. This one was built in 1950. Keep in mind the subject also has the apartment with it as well. Sold for 135k; Zestimate 150k

https://www.zillow.com/homes/for_sale/house_type/7...

The last comp I found was on the low end just to be conservative. This one was similar in sq ft to just the subject property's house omitting the apartment building all together. If this shoe fits best and a deal still works, I guess I am in business. This is a 3br 1ba brick ranch 1075sq ft. Nothing special. Looks to be in similar condition to the subject as is, without any recent updating. It is also on a .6ac lot and was built in 1971. Only a year newer than our subject. Sold for 87k; Zestimate says 87k

https://www.zillow.com/homes/for_sale/house_type/7...

I only have exterior photos of the subject as of right now. That will change on Sunday the 2nd. The photos can be seen here

https://1drv.ms/w/s!AtZt-LCUtNhlcHQM8OIDoaIAuPY

The seller used it as a rental and was getting 850 p/m just for the house. I would imagine the apartment could rent for around 300 p/m as well.

I have it under contract for 55k as of right now.

Literally any input would be greatly appreciated.

Thanks Guys

(Raleigh, Cary)

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