4 Bed Cape - fix & flip opportunity in Melrose, MA (Boston area)

[Charlie MacPherson]

Melrose is a highly desirable town, just north of Boston.  Great schools, low crime and a relatively easy commute into the city.

As hot a market as Melrose is, this property hasn't moved as fast as expected, so we are dropping the price to $499,900, making it by far the least expensive 4 BR in Melrose, save for one bungalow.  

The main objection is that it has only one bath and you could expect a 4 bed home to attract a larger family, so that can be a problem.

The opportunity is to gut the two 2nd floor bedrooms (last photo) which are functional but old, and dormer the roof, adding either a full or half bath.  

Another option is to knock down the load bearing wall between the two 1st floor bedrooms, making them into a master bedroom suite - possibly with a master bath as one of them backs up to existing plumbing.

The home has some great features including a very large (for Melrose) back yard, an oversize 1 car garage, central air, granite kitchen counters, hardwood on the first floor, gas heat, town water and sewer and a big family room that was added on some time ago - all on a quiet dead end street.

The home has no known issues with water and no pending repairs.  It's move-in ready right now.

Comps: 4/2 sold in Melrose over the last 6 months sold between $502,000 (on a very busy road) and $850,000 with an average of $631,800 and 25 days on market.

Interested?  Call me at 781-470-9111.