Awesome property in the stable, desirable Old Decatur. Very hard to get recent sold comps since folks do not move out.
The house was built in the early 1900s. Plenty of the original trim is still in the house. The property is RENT READY. You can move a tenant in simply by doing a few touch ups and you are done. You can easily rent this for $800 (per rentometer.com).
REHAB then FLIP - this is a 2 part thing.
a) just update the bottom section
b) also renovate the upper section
A) UPDATE JUST THE BOTTOM SECTION
Here are things you could do to get top dollar:
1) Add a full bathroom
2) Paint (inside and outside)
3) Update the kitchen and widen it a little
4) remove the carpet to expose the beautiful hardwood floor. Finish it as you see fit.
5) Possibly sheetrock over paneling
6) Add central heat and air
CONSERVATIVELY....you could sell this for $130K or more (all depends on the bells and whistles you put into it) Square footage of the bottom section/floor is about 1588 SF.
B) ALSO RENOVATE THE UPPER SECTION
There is an upper section to this house that is over 1200 sf. The middle spot/section has flooring (it looked original), the 2 side sections are wide open. Awesome wasted space right now. Not being used. No stairs to access. You have to go through a trap door. Yes it is weird and cool!
Things you can do to use this space and receive top dollar:
1) You have to add stairs to access this space.
2) Add hvac unti
3) Finish up the three sections up there (bonus room and storage space)
TOTAL square footage with both renovations is around 2900 sf. Properties sell in the $190Ks with that size.
You have 3 choices:
1. Keep as a RENTAL.
2. Rehab just the bottom section then flip.
3. Rehab both top and bottom sections then flip it.