Assignment of Contract in Zebulon
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Single Family House -
5 -
4 -
1974 -
2070 -
1.6 acres -
No Garage
Description
Assignment of Contract for – 11666/11668 Covered Bridge Rd. Zebulon
Asking Price – $230,000
ARV – $350,000+
Potential Total Rents $3,275 Per Month
Over All Property –
The whole property sits on 1.07 acres. There are two dwellings on one parcel with two addresses ONLY for the sake of having separate mailboxes. Each dwelling has its own septic system with a shared well. Property has a large workshop in the rear between the two dwellings. Each dwelling has their own entrance driveway
Main House – 11666 Covered Bridge Rd.
The main house is 1,170sf 3 bedroom 3 bathroom home. The tax record shows it as a 2 bed, 2 bathroom. The current owner has owned the property since 1985 and said it has been like that since he bought it. There is currently a renter in there that is a “family Friend”. It consists of a 6 year old boy and his dad. They are paying $650 a month and are month to month. The current renter doesn’t have to stay. They have been doing him a favor letting him rent for this price for the past few years. They say he is a very good renter and always pays early.
Home is in great shape. If you decide to put a new renter at a higher price point, Rent O Meter says the “Median” rents for this home would be $1,800 a month. You would need to make some updates to get this amount. Roof – Metal – Good condition HVAC – New 2020
Water Heater – New 2022 Foundation – No visible problems and floor feels solid
Single wide – 11668 Covered Bridge Rd.
The single wide is approximately 1,000sf and has 2 bedrooms and 2 bathrooms. It is currently vacant. They had a renter in there that had just moved out in the middle of. February. They were paying $750 per month. When they left, they took the stove, washer and dryer and the flooring. This was the main motivation to sell. The current owner is older and doesn’t want to deal with another property other than his main property anymore. Once fixed up, Rent O Meter shows a “Median” rent for this property at $1,475 a month.
It will need all new flooring, paint, updating the bathrooms and kitchen & new appliances.
Roof – Had leaks in the past but have been repaired
HVAC – New in 2020
Water Heater – works year unknown
Foundation – Vinyl skirting, never been moved, solid floor but has a small hole in
subfloor that was damage by previous tenants
Estimated Spread
- ARV $350,000
- Price $230,000
- Spread $120,000
