[Click the link at the bottom of the page to view full MLS reports
for each of the properties on this list]
Here is my latest Charlotte area real estate investor suggestion list. As I always try to do, I tried to feature a cross-section of properties. Some will appeal to those of you who prefer "fast flip" projects and those that may need extensive rehab, but can be had for about 65% - 70% of ARV ("after rehab value"). Others will appeal to those who prefer to identify good "buy-and-hold" properties for rental return and long-term appreciation. Still others may offer less profit, but also require less rehab and may afford the investor a quick $10,000 or $15,000 in profit upon resale.
I have not observed the market slowing signficantly, but I have not noticed an increase in activity from the slightly moderated pace of buying and selling I noted in the last quarter of 2013. Institutional sellers of REO inventory still tend to adhere to rigid guidelines, making them somewhat frustrating to deal with. But, in spite of that, there are still good opportunities to be had.
Summaries of several of the properties identified in this investor suggestion list follow:
#1 on the list - MLS 2200572- Here is a "no frills" 3BR/1.5 bath on .43 acre lot in zip code 28213. If tax assessed value of $95,000 approximates ARV, then the listing price of $59,900 is about 63% of ARV.
#2 - MLS 2192688 - This large 6BR/3BA full brick REO on a 1.32 acre lot in Mint Hill suffered a lot of intentional damage during the foreclosure. I would be surprised if there is one window intact in the entire home. But the listing went onto the market in November of 2013 at $247,500, neighbors are complaining about the boarded-up windows (I happened to run into a code enforcement official when visiting the property), and it has been steadily reduced to $197,500. The tax value of $277,800 is probably about right as ARV. The home was built in 2006.
#3 - 2183993 - 3/1 in Fannie Mae REO with 131 days on the market in established (and increasingly popular) Madison Park area, close to Uptown Charlotte. This one has been reduced to $134,900 and has a tax assessed value of $177,700. Those of you who are familiar with many of these older homes know that some of them can be easily modified to create a second full bath or master suite.
#4 - 2195818 - 3/1 in Starmount subdivision, near the light rail and Uptown. This is also a Fannie Mae REO and it has 66 DOM at the date of this publication. It has been reduced to $102,900 with a tax value of $141,300.
#5 - 2186435 - 3BR/3BA in Monroe is another Fannie Mae REO. this one has 115 DOM and has been reduced to $44,900. If its $83,710 tax value approximates ARV, the seller is asking 53% of ARV.
Skip to #8 for no particular reason- MLS 2199420 - this is a 3/2 in northeast Charlotte that "needs work" according to the listing report. It has been reduced to $87,000 with a tax value of $147,900.
#9 - 2042824 - This is a duplex in the Starmount subdivision (again; close to light rail, shopping and Uptown); it has been reduced to $144,000 with a tax value of $197,700.
#10 - 2203084 - 4/3 in the "Arts District" or NoDa, for those of you who like this area. I think I would watch this one to see how long it is on the market and how anxious the seller might be to move it off its books (it is an REO). The current listing price of $299,000 is no bargain, but it might merit watching. It has a tax assessed value of $314,200.
Skip to #14 - 2200559 - This is a 3/2.5 in ENE Charlotte (28227), priced at $73,900, with tax value of $113,300.
#15 - 2188018 - 7BR/4BA in Pineville; this REO with 111 DOM has been reduced to $269,900. Tax value is $349,800.
As always, let me know if you have any questions...
XPROP - Customer
Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950
ejdorer@gmail.com
Here is my latest Charlotte area real estate investor suggestion list. As I always try to do, I tried to feature a cross-section of properties. Some will appeal to those of you who prefer "fast flip" projects and those that may need extensive rehab, but can be had for about 65% - 70% of ARV ("after rehab value"). Others will appeal to those who prefer to identify good "buy-and-hold" properties for rental return and long-term appreciation. Still others may offer less profit, but also require less rehab and may afford the investor a quick $10,000 or $15,000 in profit upon resale.
I have not observed the market slowing signficantly, but I have not noticed an increase in activity from the slightly moderated pace of buying and selling I noted in the last quarter of 2013. Institutional sellers of REO inventory still tend to adhere to rigid guidelines, making them somewhat frustrating to deal with. But, in spite of that, there are still good opportunities to be had.
Summaries of several of the properties identified in this investor suggestion list follow:
#1 on the list - MLS 2200572- Here is a "no frills" 3BR/1.5 bath on .43 acre lot in zip code 28213. If tax assessed value of $95,000 approximates ARV, then the listing price of $59,900 is about 63% of ARV.
#2 - MLS 2192688 - This large 6BR/3BA full brick REO on a 1.32 acre lot in Mint Hill suffered a lot of intentional damage during the foreclosure. I would be surprised if there is one window intact in the entire home. But the listing went onto the market in November of 2013 at $247,500, neighbors are complaining about the boarded-up windows (I happened to run into a code enforcement official when visiting the property), and it has been steadily reduced to $197,500. The tax value of $277,800 is probably about right as ARV. The home was built in 2006.
#3 - 2183993 - 3/1 in Fannie Mae REO with 131 days on the market in established (and increasingly popular) Madison Park area, close to Uptown Charlotte. This one has been reduced to $134,900 and has a tax assessed value of $177,700. Those of you who are familiar with many of these older homes know that some of them can be easily modified to create a second full bath or master suite.
#4 - 2195818 - 3/1 in Starmount subdivision, near the light rail and Uptown. This is also a Fannie Mae REO and it has 66 DOM at the date of this publication. It has been reduced to $102,900 with a tax value of $141,300.
#5 - 2186435 - 3BR/3BA in Monroe is another Fannie Mae REO. this one has 115 DOM and has been reduced to $44,900. If its $83,710 tax value approximates ARV, the seller is asking 53% of ARV.
Skip to #8 for no particular reason- MLS 2199420 - this is a 3/2 in northeast Charlotte that "needs work" according to the listing report. It has been reduced to $87,000 with a tax value of $147,900.
#9 - 2042824 - This is a duplex in the Starmount subdivision (again; close to light rail, shopping and Uptown); it has been reduced to $144,000 with a tax value of $197,700.
#10 - 2203084 - 4/3 in the "Arts District" or NoDa, for those of you who like this area. I think I would watch this one to see how long it is on the market and how anxious the seller might be to move it off its books (it is an REO). The current listing price of $299,000 is no bargain, but it might merit watching. It has a tax assessed value of $314,200.
Skip to #14 - 2200559 - This is a 3/2.5 in ENE Charlotte (28227), priced at $73,900, with tax value of $113,300.
#15 - 2188018 - 7BR/4BA in Pineville; this REO with 111 DOM has been reduced to $269,900. Tax value is $349,800.
As always, let me know if you have any questions...
XPROP - Customer
Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950
ejdorer@gmail.com
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