Here is my latest Charlotte area real
estate investor suggestion list. (Click the link at the bottom of this page to view all the property reports.) As always, I try to include properties
that match a variety of investor strategies, criteria, price ranges and
areas. Those of you who buy, rent and hold properties know that those newer
homes purchased in that $100,000+/- range tend to generate good rental
yield. There are a few of those on this list. There are several
REO’s in the Matthews/Weddington (Union County) area where prices tend to be
higher, but so do profits on flips in which rehab costs can be kept under
control. And there are the usual array of older homes closer to Uptown
Charlotte, which can still be purchased at relatively low prices, renovated and
resold with a decent ROI.
The market continues to be somewhat slower
than it was 6-8 months ago, but there are still some good values out
there. Of course, those great values move quickly. But “retail”
sales of flip homes at or near their market values have been tending to take a
bit longer. I don’t see any relief for consumers from the very burdensome
and restrictive practices of lenders, and this also impacts the resale of flip
homes. These are just the realities of the current market. It
doesn’t mean there isn’t good money to be made; it just means there continue to
be challenges to be recognized and dealt with.
Here are brief summaries of each of the 17
properties in this investor list:
#1- MLS 2211465 – This one is back on the
market again. Fannie Mae can be its own worst enemy in negotiating with
buyers and I think this one is no exception. This is a solid home in a
decent community. At one time, the 2-car garage had been converted to a
family room, but Fannie has actually paid to have it converted back, including
new garage door and opener. The rest of the house has been recarpeted and
painted, and there are even new appliances. This one has a listing price
of $119,900 and an ARV of about $135,000. I think most investors who
looked at this one before will not realize the garage has been converted back
when they see this one is back on the market again.
#2- 3005817 – 5BR, 4 full bath, 2 half bath
home in Matthews/Weddington on 7.16 acres. The listing agent states that
a neighbor says the previous owner committed suicide in the home. It
needs a lot of updating, but it certainly has plenty of upside potential.
Listing price is $572,000 with a tax value of $1,290,880.
#3- 3006778 – 3/2.5 in zip code 28214 built
in 2004, priced at $114,900 and having a tax value of $120,100. This
would be one of those that would probably generate a decent rental yield, with
little in the way of repairs necessary because it was built in 2004.
#4- 3022171 – 4/3 in Matthews/Weddington;
this is a HUBZU “auction” property. I place “auction” in quotation marks
because I have never seen one of these online “auctions” that was really a true
auction. They usually have reserve below which they won’t sell the home,
and even if a buyer “wins” during the auction, the winning bid is subject to
administrative review and is not infrequently declined. There is also a
buyer premium on these “auctions.” HUBZU’s is 4.5%. There are
others that charge even more. But HUBZU doesn’t demand the immediate wire
of earnest money funds until they have actually accepted your offer, and the
earnest money deposits they require are not unreasonable. There are
others that demand large earnest money deposits and reserve the right to
decline the offer. Then you have to argue and wait to get your EMD
returned to you. I have not heard of that being a problem with HUBZU, and
they will work with realtors—unlike some others who don’t like having a buyer’s
agent “complicating things.” This one is in a great area and is listed at
$389,000 with a tax value of $512,750. It costs the buyer nothing to have
a buyer agent involved in the transaction, and I would strongly recommend it,
of course.
#5- 3034999 – Here is another
Matthews/Weddington home—generally a very desirable area. This one is a
4/2.5 on 1.62 acre lot. It is listed at $229,900 with a tax value of $377,170.
#6- 3032879 – 3/2 cottage built originally
in 1948 in Midwood. It is an REO that appears to have been significantly
renovated before foreclosure. Some people like to concentrate in these
older areas of town. This one is priced at $224,900.
#7 – 3035908 – 3/2.5 on a .49 acre lot in
Denver, a very short distance from Lake Norman. In fact, the listing
states that exclusive use of a particular Lake Norman boat slip is included
with the property, although the home itself is not on the water. Listing
price is $184,900 with a tax value of $298,067.
#8- 3034971 – 3/1.5 in the older,
established neighborhood of Madison Park near Uptown. This one has 1,947
sq.ft. and a 2-car garage, unlike many others in the area. It is listed
at $178,000 with tax value of $220,100.
#9- 3031178 – 4/2.5 built in 2005 in
northern Monroe (28110); This one is also a HUBZU “auction” property, so there
would be 4.5% buyer premium. It is listed at $150,100 with a tax value of
$168,600, but it has been on the market 26 days today.
#10- 3036007 – 3/2 on 4.24 acre lot in
Gastonia, for those of you who prefer that area. This is yet another
HUBZU property, but it is listed at $143,100 with a tax value of
$227,853. Again; bear in mind that HUBZU will require that 4.5% buyer
premium, and they reserve the right to review the “winning” bid at
auction. Again; it costs the buyer nothing to have a buyer agent involved
in the transaction, and I would strongly recommend it.
#11- 3023555- 4/2.5 REO in East Mecklenburg
County (28212), priced at $135,900 with a tax value of $164,900. This one
has been on the market 61 days today, so there is probably some room for
negotiation on the asking price.
#12- 3034453 – 4/2.5 HUD home in north
Charlotte (near the University area)(28269), this one is priced at $120,000
with a tax value of $146,300. It has 11 DOM today, and will be available
to investors on day 16.
#13- 3035883 – 3/3.5 in northern Monroe
(28110) will be available to investors on 10/5. This one is listed at
$119,900 with a tax value of $158,750.
#14- 3025634 – 5BR/2.5BA also in northern
Monroe (28110), priced at $114,500 with a tax value of $151,460.
#15- 3032934 – 3/2 Fannie Mae REO in zip
code 28205, close to Uptown. This one has 19 DOM and will be eligible for
investor offers in day 21. Listing price is $109,900 with a tax value of
$125,900.
#16- 3032984 – 3/2.5 in NE Charlotte’s
Citiside community. This community has been hammered by foreclosures and
short sales and, even though the home was built in 2003, I think it is
overpriced at $95,900. But It would probably generate decent rental yield
around that price.
#17- 3035563 – 3/2 in zip code 28214 – This
is a HUD home, available to investors on 10/3. It is listed at $62,500
with a tax value of $98,000.
As always, if you would like any
information about any of these properties—or any others that have caught your
attention—please don’t hesitate to contact me.
Click to View Listings
Eric J. Dorer, BS, JD
Realtor/ Broker
NAR Certified Short Sales and Foreclosures Resoure
2740 Oxborough Drive
Matthews, NC 28105-8852
(980)875-0950
Fax: (877)362-0917
e-mail: ejdorer@gmail.com
website: www.EricDorerRealEstate.com
