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Updated over 4 years ago on . Most recent reply

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17
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10
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David Browning
10
Votes |
17
Posts

Help me analyze this Wilmington property

David Browning
Posted

The hardest part about analyzing this property is finding comps. Although I suspect an investor could make serious cheddar, as the young people say, by improving the property, I'm having trouble compiling good data.  

The property has been on the market for quite some time. The entire three-lot package is long and narrow, perfect, perhaps, for new townhouses, or for several multi-family houses. There is even room for a new pool. This property is surrounded by newer developments.  Access is via a permanent easement through the parking lot of a church that faces the street. It is possible to create a driveway from a street in one of those developments, at the investor's expense.  

Here are the facts I have:

Combined acreage: 5.13
Combined taxes (2018): $2,046
List price:  $599,000
Days on market:  250+ (as of today) 

Lot 1:  1.73 acres, 3308 sf house that could easily be converted to a two-family house, converting the added suite above the garage into a separate apartment.  The house requires only minimal cosmetic updating. There are two outbuildings, one of which could house horses if the timing and rules were handled carefully.
Lot 2:  1.39 acres, unimproved
Lot 3:  2.01 acres, unimproved

User Stats

17
Posts
10
Votes
David Browning
10
Votes |
17
Posts
David Browning
Replied

I'm sorry to see no responses to this.  I'd hoped for something, even if it was "Run away!"

User Stats

51
Posts
28
Votes
Jesse Canady
  • Real Estate Broker
  • Wilmington, NC
28
Votes |
51
Posts
Jesse Canady
  • Real Estate Broker
  • Wilmington, NC
Replied

@David Browning, Did you ever move forward on this?

  • Jesse Canady
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