1850sf 3-2-2 9450sf lot BRING YOUR VISION!! Exceptional opportunity in sought-after Caruth Terrace neighborhood within the Mockingbird Elementary School district. Remodel began, including LR-DN-DEN load bearing walls removed; Windows replaced; floors sanded. Multiple remodel-new build projects currently underway in neighborhood. Selling AS-IS to visionary buyer… Read More with 3 potential finish-out opportunities: 1) Remodel as-is plus add utility room to garage (+120sf) plus finish-out detached bonus room in backyard (150sf). a. $657k purchase b. $150k remodel costs (per contractor estimate) c. $807k total basis d. $880k Value at market rate at $425 per sf with 2000sf + 150sf bonus room e. Net equity: $73k 2) #1 above plus add 2nd floor of 1,000sf (see 6278 Saratoga Cir example) a. $807k cost from option #1 b. $200k 2nd floor addition @ $200 per sf c. $1007k total basis d. $1.3mm Value @$425 per sf of 3,000sf e. Net equity: $293k 3) Teardown and build new (see 6254 Sudbury Ln example) a. $657k purchase b. $850k build cost @$200per sf; 4250sf home at 9450sf lot x 45 percent coverage c. $1.507mm total basis d. $1.8mm Value @$425 per sf of 4250sf e. Net equity: $293k Read Less
Courtesy of Mission Real Estate Group, Joe Iley.
Listing Snapshot
Days Online
2
Last Updated
Property Type
Single Family Residence
Beds
3
Full Baths
2
Square Ft.
1,852
Lot Size
0.22 Acres
Year Built
1959
MLS Number
20960817
Additional Details
Appliances & Equipment
GasRange, Refrigerator
Building
Built in 1959, Architectural style: Traditional, Detached, Construction materials: Brick, Levels: One, 1, Structure type: House
Cooling
CentralAir
Fence
ChainLink, Wood
Fireplaces
LivingRoom, Masonry, 1 total fireplace
Floors
Hardwood
Garage
2 garage spaces
Heating
Central
Lot
0.217 acres, 9,453 sqft
Parking
2 covered spaces, Garage
Pool
None
Property
Patio and porch features: Covered
Roof
Composition
Sewer
PublicSewer
Utilities
SewerAvailable, WaterAvailable
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