will it be a good investment - 709 Queen Street, Wilmington NC 28401?

Asked by Gal, Wilmington, NC Sat Mar 31, 2012

what do u say about the area? what is the potential rental...

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Kevin McRill, Agent, Wilmington, NC
Sat Mar 31, 2012
Gal, Although no one has a crystal ball I think that at the asking price of $ 69,000 this duplex would make a great investment. I am and have been a very active agent in this area and presenlty have a small 3br/1ba bunglow across the street that we rent for $750 per month. I'm guessing you could rent the 2br/1ba units for around $600-700@. More importantly, the last "eyesore" on the block at 716 Queen St. has just gone under contract and although I am not involved it will most likely be renovated or torn down for new construction and completing the "revitalization" of this block. The house at 712 Queen was recently renovated and is presently under contract as well. I have been very active in leasing and sales of properties in the adjacent New Castle Art and Antique District on Castle street since 2006 and have been very involved in the transformation of this vibrant retail community. This property should provide a nice positive cash flow as an investor and more than likely a nice capital gain over the next several years. FYI it sold for 159k in 2006 and the seller who did the renovations is a good personal friend. It also looks like it was sold for 225k in 2010 (ouch) thus the apparent reason for the foreclosure. Feel free to contact me at 910-538-6333 or email at kevin@kevinmcrill.com for question or more information. I will actually be showing rental at 714 Queen St. and have lived 7 blocks from there for the past 10 years. Let me know if I can help.
0 votes
Kevin McRill, Agent, Wilmington, NC
Sat Mar 31, 2012
Gal - I went in the property today since I was in the neighborhood -- I had no idea that the condition of the property was so poor on the inside.. It will need a great deal of renovation and you will need to get an estimate of repair work from a contractor to determine what would be a reasonable offering price. Someone really wrecked this place since the last renovation.
1 vote
Kevin, thank you very much for your help, i really appriciate it and it's very helpful.
do you think it will still be a good investment assuming renovation cost about 20K?
Flag Sat Mar 31, 2012
Mike Malina, Agent, Wilmington, NC
Sat Mar 31, 2012
Depends on what you are looking to get out of it, during what period of time and how aggressive/moderate/conservative you are for rehab and market changes. We have a analysis tool that gives you the ability to plug in the numbers and use a sliding scale to help you find your comfort zone.
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