Here is the late October installment of my
Charlotte area real estate investors suggestion list. I do not note any
major shifts in the market here since the last installment. The market
remains active, but the properties in demand are those that are priced
aggressively to sell. “Bargain-priced” properties continue to demand much
attention and frequently multiple offers. Properties priced at “full
retail” or about at their current market value still take longer to sell.
Owner-occupant buyers continue to face challenges in the mortgage market, and
can make the lives of flippers more difficult. But these are all things
we have become accustomed to over the 12-18 months and beyond. There remain
good opportunities for investors, whether your strategy is fast flip or
buy-rent-and-hold. But those opportunities continue to go under contract
very quickly after they become available to investors because there continues
to be a large demand for them.
As those of you who read these investors
lists know, I try to identify opportunities for investors with a variety of
strategies, price ranges and geographical areas of interest. This current
list should be no exception. When you click the link below, you may see a
single-line display of properties. Look for the tab near the top of the
screen marked “Display” and click on it. A drop down menu should allow
you to choose “Full Report with Photos.” That will allow you to scroll
through the full MLS reports for all of these properties. A summary of
the properties in this edition of the list follows:
(1)MLS 2197958 – This is a 4BR/2BA full
brick construction Estate Sale in the Fox Run subdivision (zip code 28212) in
east Charlotte. It is priced at $128,000 with a tax assessed value of
$144,400.
(2)MLS 3022241 – 3/2 modular ranch on a 2
acre lot in Mint Hill. This one is also an Estate Sale, priced at
$104,900 with a tax value of $137,500.
(3)MLS 3020484 – This is a 3/2 full brick
ranch with 2,334 sq.ft. of HLA on .49 acre lot in zip code 28214 in north
Charlotte. It is an REO priced at $79,900 with a tax value of $159,900.
(4)MLS 3035259 – 4BR/2.5 BA HUD REO in
Waxhaw, which is just passing the 15-day owner-occupant preference today
(10/30/2014). Depending on school assignment, which is a source of
ongoing controversy in Waxhaw, this might make a decent rent-and-hold property
somewhere near its listing price of $164,900.
(5)MLS 3032435 – SE Charlotte 3/2.5 built
in 2007 appears to need very little work. After 30 DOM it is priced at
$124,900 with a tax value of $134,000. I would need to research school
assignment, but my recollection is this community is assigned to Butler High
School, which performs well. If that is the case, this could make a
decent rent-and-hold or fast flip, if purchased $10,000 or so below its listing
price—which is not unrealistic after 30 DOM.
(6)MLS 3019265 – 3BR/2.5BA VA REO in north
Charlotte (zip code 28262). Like number 5 above, this one was also under
contract that failed and has returned to the market. It is now in its 97th
DOM, and VA tends to be willing to negotiate off its listing prices
anyway. It is currently listed at $89,500 with a tax value of $107,800.
(7)MLS 3024607 – This is a larger 4/2 in
the Grants Down subdivision (inside Raintree in South Charlotte). School
assignments are some of the best in Mecklenburg County (Providence HS),
although like most REO listings, schools are not specified in the MLS
report. This Fannie Mae REO is listed at $190,000 with a tax value of $207,000
and 92 DOM.
(8)MLS 3042213 – Here is an older 3/1.5
brick ranch in a subdivision near Uptown and light rail that has become very
popular for flippers (Colonial Village; zip code 28209) because of its
proximity to Uptown and school assignments (Myers Park High School). Many
of these older homes were configured as 3/1.5’s, but the ½ bath can be
converted to a full bath by using an adjacent closet. This one is an REO
priced at $168,000 with a tax value of $207,000.
(9)MLS 3042224 – Newer (built in 2006)
4/2.5 in Kannapolis, this Fannie Mae REO is priced at $148,900 with a tax value
of $156,540.
(10)MLS 3042886 – Once again, an REO that
doesn’t specify school assignment in the MLS. This one is a 3/2 in
Settler’s Landing in South Charlotte (28270) and I happen to know that school
assignments are some of the most desirable in Mecklenburg County (Elizabeth
Lane Elementary; South Charlotte Middle School; Providence HS). This one
is priced at $143,000 with a tax value of $164,800. This could make a
good flip or a good buy-rent-and-hold for appreciation property. It is
surrounded by homes in subdivisions with values much higher, due to location
and school assignments.
(11)MLS 3043782 – OK; this is a bit of a
wild card. I haven’t seen it, so I don’t know much about its condition,
but it appears to have its challenges in the photos. But it is priced at
$129,900 with a tax value of $207,300. It is a 3/2.5 with a walkout
basement in Mint Hill on a .75 acre lot. It only has 5 DOM on the date
this list is being written.
(12)MLS 3042000 – 4BR/2.5BA HUD REO with
2,436 sq.ft. of HLA in the Kingstree subdivision. The home was built in
2008, so it can’t need a great deal. It is a Fannie Mae REO, so it won’t
be available to investors until about November 10, but it is priced at $125,000
with a tax value of $146,900. Again; this could make either a good
rent-and-hold property or a fast flip, depending on your cost of money.
(13)MLS 3042759 – 3/2.5 HUD REO in Monroe,
built in 2000. Listing price is $115,000 with a tax value of $126,100.
(14)MLS 3042070 – Older full brick 3/2 in
north Charlotte (28262), this Fannie Mae REO has almost 2,000 sq.ft. of HLA and
is situated on a 2 acre lot. It is priced at $99,900 with a tax value of
$122,400.
(15)MLS 3043743 – 3/2 Bank of America REO
built in 2005 in east Charlotte (28215), this one is priced at $99,900 with a
tax value of $118,200.
(16)MLS 3043004 – Steele Creek area 3/2.5
with just under 2,000 sq.ft. of HLA built in 2001. This Fannie Mae REO is
listed at $95,500 with a tax value of $118,200.
(17)MLS 3040295 – Smaller 3/2 VA REO in
Mint Hill priced at $71,700 with a tax value of $94,800. Again; nothing
“fancy;” just a decent opportunity for ROI.
(18)MLS 3041001 – Some investors love these
older cottage-styled homes, but most have become quite pricey. This one
is a small 2/1 with 1,092 sq.ft. in zip code 28211 on .33 acre lot. It is
priced by Fannie Mae at $68,000 and has a tax value of $119,400, but it
apparently backs up to railroad tracks. Nonetheless, there are fewer and
fewer of these to be had at reasonable prices, and it might be possible to add
on to this one.
As always, please feel free to contact me
with any questions, comments or requests for additional information or research
on any of these. As most of you know, you can access the entire Charlotte
metro area MLS system on my web site at www.EricDorerRealEstate.com.
Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-4350011-42
Eric J. Dorer, BS, JD
Realtor/ Broker
NAR Certified Short Sales and Foreclosures Resource
2740 Oxborough Drive
Matthews, NC 28105-8852
(980)875-0950
Fax: (877)362-0917
e-mail: ejdorer@gmail.com
website: www.EricDorerRealEstate.com
Blog: http://ejdorer.blogspot.com
