Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Southeast NC Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago, 10/02/2020

User Stats

17
Posts
10
Votes
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

Loading replies...