Here are my latest Charlotte area real estate
investor suggestions. As always, I try to cover a wide range of investor
preferences and strategies. This week I feature a couple of small multi-unit
properties. Generally speaking, Charlotte area duplexes and small multi-family
properties don't appear to me to offer much value (equity) or the more
attractive ROI you can expect from well-bought single family home. But these
appear to be exceptions. I have not visited them yet, so I don't know what
condition issues there may be, but they look decent on paper.
The link below will take you to the full MLS report for each property. Summaries of the properties on this list follow:
#1- MLS 2138293- 3BR/2BA short sale in Greenbriar (South Charlotte - top school assignments, including Providence HS); I have seen this home and it is small and needs some repair. But it has been reduced to $135,000 with a tax value of $168,500 and a great location.
#2- 2171698 - 3 units in Monroe, purportedly rented for $625, $525 and $525 respectively. Listing price has been reduced to $112,900. Total monthly rental income of $1,675 on a purchase price of $113,000 would generate a gross yield of 17%. That is pretty attractive, assuming there are no hidden or undisclosed issues here.
#3- 2157229 - Duplex containing two 2/2.5 units, purportedly rented at $800 and $675. Listing price has been reduced to $99,000. Again; total monthly rental income of $1,475 would generate a gross yield of 17% on the full LP.
#4- 2171612 - 3/2 in Matthews reduced to $110,000 with a tax value of $123,800.
#5- 2171612 - 3/2.5 also in Matthews (assigned to good schools- Butler HS/Crestdale MS) with a listing price of $119,500. This could be another nice buy-and-hold rental.
#6- 2163682- 4/2.5 in northern Monroe (Sun Valley schools) reduced to $154,900 with a tax value of $195,220.
#7 - 2146917 - 3/2.5 on 1.13 acre lot in Gastonia (for those of you who like Gaston County); this is a Fannie Mae REO with 138 DOM; reduced to $120,000 with a tax value of $195,759.
#8 - 2176188 - Tri-Plex in zip code 28226 (older area of South Charlotte) with a listing price of $150,000 and a tax value of $307,900. This one probably needs more than cosmetics, but there appears to be good potential upside here. If it is assigned to Myers Park HS (as much of this zip code is), it would be all the more attractive. This could be either a good flip or a good renovate-and-hold property.
#9 - 2162859 - 5BR/3 Full Bath in South Charlotte (28226) on 1.27 acre lot; this HSBC REO has been reduced to $252,980 with a tax value of $289,700. Could be ripe for s reasonably low offer, and that might make it a decent flip.
#10- 2173813 - 5/3 built in 2011 in the Prescott subdivision in Waxhaw (great Cuthbertson school assignment); this REO is priced at $199,900 with a tax value of $255,170.
#11- 2169318- 3/2 in Huntersville; this Fannie Mae REO is priced at $105,000 with a tax value of $154,000.
#12- 2176688 - 3/1.5 in zip code 28227 (Charlotte/Mint Hill border area); priced at $74,900 with a tax value of $95,200.
#13- 2117463 - This 4/2.5 Waxhaw Estate sale probably needs updating, but it has been reduced to $175,000 and has a $203,940 tax value.
#14- 2176692 - This 2/2.5 townhouse in Matthews has been reduced to $85,900, has a tax value of $99,000 and monthly HOA dues of $160. Good location and schools; the HOA dues would hurt ROI, but it could be a decent low-risk, low maintenance investment with some potential for appreciation.
#15 - 2165531 - 4/2.5 REO in N. Charlotte; LP: $88,900; tax value: $108,100.
#16- 2163255 - 3/2.5 townhouse in N. Monroe (Porter Ridge schools) with only $70/mnth HOA dues; LP: $114,900; tax value: 125,990.
XPROP - Customer
Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
ejdorer@gmail.com
The link below will take you to the full MLS report for each property. Summaries of the properties on this list follow:
#1- MLS 2138293- 3BR/2BA short sale in Greenbriar (South Charlotte - top school assignments, including Providence HS); I have seen this home and it is small and needs some repair. But it has been reduced to $135,000 with a tax value of $168,500 and a great location.
#2- 2171698 - 3 units in Monroe, purportedly rented for $625, $525 and $525 respectively. Listing price has been reduced to $112,900. Total monthly rental income of $1,675 on a purchase price of $113,000 would generate a gross yield of 17%. That is pretty attractive, assuming there are no hidden or undisclosed issues here.
#3- 2157229 - Duplex containing two 2/2.5 units, purportedly rented at $800 and $675. Listing price has been reduced to $99,000. Again; total monthly rental income of $1,475 would generate a gross yield of 17% on the full LP.
#4- 2171612 - 3/2 in Matthews reduced to $110,000 with a tax value of $123,800.
#5- 2171612 - 3/2.5 also in Matthews (assigned to good schools- Butler HS/Crestdale MS) with a listing price of $119,500. This could be another nice buy-and-hold rental.
#6- 2163682- 4/2.5 in northern Monroe (Sun Valley schools) reduced to $154,900 with a tax value of $195,220.
#7 - 2146917 - 3/2.5 on 1.13 acre lot in Gastonia (for those of you who like Gaston County); this is a Fannie Mae REO with 138 DOM; reduced to $120,000 with a tax value of $195,759.
#8 - 2176188 - Tri-Plex in zip code 28226 (older area of South Charlotte) with a listing price of $150,000 and a tax value of $307,900. This one probably needs more than cosmetics, but there appears to be good potential upside here. If it is assigned to Myers Park HS (as much of this zip code is), it would be all the more attractive. This could be either a good flip or a good renovate-and-hold property.
#9 - 2162859 - 5BR/3 Full Bath in South Charlotte (28226) on 1.27 acre lot; this HSBC REO has been reduced to $252,980 with a tax value of $289,700. Could be ripe for s reasonably low offer, and that might make it a decent flip.
#10- 2173813 - 5/3 built in 2011 in the Prescott subdivision in Waxhaw (great Cuthbertson school assignment); this REO is priced at $199,900 with a tax value of $255,170.
#11- 2169318- 3/2 in Huntersville; this Fannie Mae REO is priced at $105,000 with a tax value of $154,000.
#12- 2176688 - 3/1.5 in zip code 28227 (Charlotte/Mint Hill border area); priced at $74,900 with a tax value of $95,200.
#13- 2117463 - This 4/2.5 Waxhaw Estate sale probably needs updating, but it has been reduced to $175,000 and has a $203,940 tax value.
#14- 2176692 - This 2/2.5 townhouse in Matthews has been reduced to $85,900, has a tax value of $99,000 and monthly HOA dues of $160. Good location and schools; the HOA dues would hurt ROI, but it could be a decent low-risk, low maintenance investment with some potential for appreciation.
#15 - 2165531 - 4/2.5 REO in N. Charlotte; LP: $88,900; tax value: $108,100.
#16- 2163255 - 3/2.5 townhouse in N. Monroe (Porter Ridge schools) with only $70/mnth HOA dues; LP: $114,900; tax value: 125,990.
XPROP - Customer
Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
ejdorer@gmail.com
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