TWO LOTS FOR THE PRICE OF ONE IN WILMINGTON, NC

[Michael A Pierson]

3 bedroom 1 bath single family residence located in an up and coming neighborhood in Wilmington, NC. A five minute drive from downtown! The property comes with TWO lots totaling to 5,214 sq ft of land and the home is 1,080 sq ft built in 1920. There are homes 1/4 mile up the road that have been recently renovated that sold for $150-$200K. The property has been inspected, and three GC have seen the property. 

Bed: 3

Bath: 1

SqFt: 1,080

Yr Built: 1920

ARV: $88-$120K

Market Rent: $950

Condition: Extensive rehab needed

Estimated Repairs: $80,000

Asking: $30,000 

Our hope had been to buy and hold this property. After having the home inspected and meeting with GC's, we had planned to knock down the property and build a multi-family home on the lots. As new investors we feel we lack the experience and capital to complete a project of this magnitude. Please do not hesitate to contact us with any questions!