Charlotte Area Real Estate Best Buys: March 2015

I have noted no huge changes in the market since last month. Inventory of good opportunities is constricted in the Charlotte area, but there are still deals available for those investors who can act quickly. Multiple offers continue to be the norm, so be prepared with your “highest and best offer” or be prepared to miss most of the better opportunities. It’s just a fact of life in this market. Know what the comps are and what purchase price still makes sense to you, and be prepared to go there in short order. Above that breakpoint, be prepared to walk away and move on to the next one. This probably applies less to those whose goal is to buy-rent-and-hold than it is for fast flippers. As long as the net yield from rental income is still acceptable, time and market momentum probably favor continued appreciation over time in the Charlotte market. Fast flippers don’t have the luxury of time, and those looking for that “home run” deal would probably be better advised to focus on doing several lower yielding “base hits” that waiting for that one great deal to present itself.

With those things in mind, here are summaries of March, 2015, properties of interest (click the link after this summary to view all the MLS reports—if you display a single line report of these properties after you click the link, look for a tab near the top-right of the screen labeled “Display.” Click that tab and choose “full report with photos”):

#1 – MLS 3053966 – 4BR/2.5 BA with 1,712 sq.ft. of HLA and a 2-car garage, built in 2008 in zip code 28214. This Chase REO has 76 days on the market today, and is priced at $99,900 with a tax value of $145,800. Generally speaking, anything around that $110,000 price tag tends to generate decent rental yield. And anything build in the last 5-10 years should need less updating, of course. So this one might make a good buy-and-hold property, and also a decent base hit or double as a flip.

#2 – MLS 3044476 – 3/2 Fannie Mae REO in zip code 28212. This one has 93 DOM and is priced at $105,500 with a tax value of $133,200.

#3 – 3059892 – 3/2 in Matthews (Union County), full brick ranch on .46 acre lot, priced at $104,900 with a tax value of $139,310.

#4 – 3055515 – 3/2 built in 2003 in Indian Trail. This is a HUD home on .48 acre lot with 24 DOM. Listing price is $90,000 with a tax value of $166,700.

#5 – 3052656 – SE Charlotte (zip code 28227) 3/2 Fannie Mae REO with 72 DOM; listing price is $72,000 with a tax value of $111,700.

#6 – 3066664 – 3/3 with a walkout basement and 2,235 sq.ft. of HLA on .94 acre lot in Matthews. Like most REO’s, the listing doesn’t specify school assignment, but I happen to know this home is assigned to the top-performing Providence High School, so this could make a good rental or a good flip. It is being sold through HUBZU (one of those “pretend” auction web sites) and therefore involves a buyer premium (usually about 4.5% of the purchase price), but even with that additional expense, it might be decent opportunity with a listing price of $188,000 and tax value of $236,300.

#7 – 3068906 – 4/2.5 built in 2002 in northern Monroe (28110) on .47 acre lot; this is a HUD REO with 13 DOM, listed at $165,000 with a tax value of $190,080.

#8 – 3070440 – 3/2 on 1.97 acre lot in Weddington (generally very desirable area with good school assignments – zip code 28104); this is a Fannie Mae REO is priced at $144,000 with a tax value of $244,370 (probably mostly due to the size of the lot).

#9 – 3054391 – 3/2.5 in zip code 28273 (Steele Creek area), this one is also being sold through HUBZU and includes a 4.5% “buyer premium” under the pretext of an “auction.” It has 42 DOM and is listed at $138,000 with a tax value of $165,400.

#10 – 3054391 – 5BR/2.5 BA built in 2008 in north Charlotte (28214), priced at $134,900 with a tax value of $177,500.

#11 – 3068306 – 3/2 2,524 sq.ft. brick ranch in the Starmount subdivision—very popular with flippers because of its proximity to Uptown, light rail, etc. The MLS report says the property has some mold. This is also being sold through HUBZU, so there is the usual 4.5% “buyer premium.” But it is listed at $127,200, has a tax value of $192,200 and Starmount continues to be “hot” for flippers.

#12 – 3063859 – 4/2 minutes from Plaza Midwood and Uptown (28205) on .29 acre lot, listed at $125,500 with a tax value of $142,800. This is another area in transition due it is proximity to Uptown.

#13 – 3069392 – 3/2.5 in Matthews (Mecklenburg County – 28105); this is a Fannie Mae REO on .52 acre lot with a listing price of $118,000 and a tax value of $161800.

#14 – 3062195 – 4/2.5 also near Uptown (28205) on .26 acre lot. This one has 46 DOM today, with a listing price of $109,900 and a tax value of $155,700.

#15 – 3069668 – 3/2 on 1.26 acre lot in northern Monroe (28110). Listing price is $93,500 with a tax value of $131,810.

#16 – 3071297 – 3/2.5 in the Charlotte-Huntersville area (28278) on .71 acre. This one has a listing price of $79,000 and a tax value of $193,200.

Here is the link to the MLS Reports for each of the properties above:

http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-7853112-844

As always, if you have any questions about any of these properties—or any other properties in the metro Charlotte area—please don’t hesitate to contact me. I look forward to hearing from you.