Richmond, VA, 23223 - For Sale By Owner

Additional features: Lot size: 5116.0, Floors: 2

Crazy Good Deal on Cheap Duplex in Church Hill Near New Project

2508 & 2510 Q Street

Richmond, VA 23223

Only $25,900!!!

ARV $270,000

Potential Rents $850 to $950 Per Side

Repairs $145,000 to $155,000 Depending on Finish-out

Approximately 63%%%% LTV

 This 2719 Sq Ft side-by-side duplex has tons of space and awaits your renovation to be like new again. Because it is a side-by-side duplex, you may be able to subdivide into single-family attached and sell each side individually to owner occupants. This will increase its value now and in the future. If not, it is a tremendous value as a duplex. You should consult with the zoning office at the city if you have interest in converting it to single-family attached. This property is directly across the street from the police precinct and only a few homes away from tons of new construction and renovation. This is a very hot area. In fact, the Richmond Times Dispatch reported in the October 12, 2008 edition of the Real Estate section, that Better Housing Coalition is developing a huge project only a few blocks away. The project will include 18 to 21 loft style apartments, 16 townhomes, and a 32 unit senior facility. The article goes on to say that Better Housing Coalition has already invested $18 million in the neighborhood. This home will require a full rehab. The only question you have now is whether to hold or flip.

Single Family Comps:

1213 N 24th Street- 1632 Sq Ft   $145,000 on 05/07/08

1306 N 27th Street- 1332 Sq Ft   $128,000 on 11/30/07

1210 N 20th Street- 1728 Sq Ft   $153,000 on 06/15/08

2219 Fairmount Avenue- 1698 Sq Ft   $135,000 on 05/01/08

Multi-Family Comps:

714 Chimborazo Blvd- 2276 Sq Ft   $156,000 on 06/27/08 (Needs Work) (Only 2 Bedrooms Each)

Don’t miss this opportunity to get in early and earn lots of money on this cheap rehab deal!

 Contact Greg at (804) 565-9723 or email him at info@EagleHouseDeals.com

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