Huntsville Alabama Homes for Sale

Research of of investment homes for sale in Huntsville

Sunday, April 22

Breland Homes bought out the original developer who was a more upscale builder. There are about 20 homes that were finished before Breland took over the development.

The site agent is out of town until the 30th but I was able to get photos of the plats of available lots and previewed three available spec. homes. The premium lots on cul-de-sacs and at the rear of the development with mountain views and open space behind are all taken but one of the existing homes did really catch my attention. While it doesn't have granite there is stainless appliances, tile in the wet areas, nicer cabinets, true hardwood in the foyer and a fence.

Please follow the link to the listing. The MLS photo doesn't do the house justice at all and the fence wasn't in place at the time of the photo. Be sure to look at the floor plan under the lead photo.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115548090

The link below is to a better floor plan. Refer back to the listing for room dimensions.

http://www.brelandhomes.com/brooks-landing-plans.htm

The only odd things were a little angular 3' hall to the master bedroom. The laundry is off of this hallway instead of leading to the garage as in many new homes. The laundry room has a little alcove behind the door. It makes the angular hall work out and makes a good spot for brooms, mops or possibly some shelves. A dog wandered onto the porch before the concrete dried. You can see the photos on the slide show. We can ask about getting this repaired.

The link below is to the community web page.

http://www.brelandhomes.com/brooks-landing.htm

The satellite image below shows the approximate location of the house. There is a railroad track on the other side of the tree line to the south about 1,000 to 1,200 feet from the house. There is not a grade crossing nearby so the train won't be blowing it's horn. A train did some by when I was in the backyard. It sounded like a distant rumble, not at all loud or annoying.

The flood / topo map shows the house near a flood zone so we do need to make any offer contingent on the house not requiring flood insurance. I really don't think this builder would have bought the development if it were in a flood zone.

The link below is to the Google satellite image.

http://maps.google.com/maps?q=105+DENTON+DRIVE,+HUNTSVILLE,+AL+35811&hl=en&sll=37.0625,-95.677068&sspn=31.28862,86.396484&t=h&hnear=105+Denton+Dr,+Huntsville,+Alabama+35811&z=16

Google estimated 15 min. to Research Park and Redstone Arsenal. In traffic it might be 20 - 25 min..

http://maps.google.com/maps?saddr=I-565+E&daddr=105+DENTON+DRIVE,+HUNTSVILLE,+AL+35811&hl=en&sll=34.730685,-86.57671&sspn=0.126688,0.337486&geocode=FdWWEQId8ojV-g%3BFQCwEgIduBPY-imhwXN-1xViiDHefZZyZ8ON4Q&oq=redstone+arsenal+&mra=dme&mrsp=0&sz=12&t=m&z=12

The link below is to a slide show of the house.

http://youtu.be/jh_1KkSgJkU

The schools that serve the area are very good. There is basic shopping in place including groceries, pharmacy, and some restaurants. Before the recession, ground had been broken on a 62 store, Target shopping center. There is some talk that the plans to build are being re-evaluated. There is construction now of a large wellness center on the site. There are long long term plans to extend I 565 to Ryland Pike just to the south and east of the subject.

School information

The elementary school is about 1 mile away.

http://www.schooldigger.com/go/AL/schools/0222001513/school.aspx

https://www.madison.k12.al.us/Schools/mtcs/default.aspx

Map of all three schools.

http://maps.google.com/maps/ms?msid=208693942231560517850.00045211baa368bcd8efe&msa=0&ll=34.802951,-86.430473&spn=0.063289,0.168743

The middle school is next door to the elementary school.

http://www.schooldigger.com/go/AL/schools/0222000310/school.aspx

https://www.madison.k12.al.us/Schools/ris/default.aspx

The high school is about 4 miles away.

http://www.schooldigger.com/go/AL/schools/0222001683/school.aspx

https://www.madison.k12.al.us/Schools/bhs/default.aspx

The listing went contingent on 03/14/11 and I suppose the fence was added for the buyers. The sale fell through and the house came back on the market on 10/10/11.

The average sold price in the neighborhood since 03/01/11 was $87 per square foot with a highest sale at $103 per square foot. The subject is listed at $93 per square foot and has the fence where the comparables don't.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115548181

Generally builders don't negotiate a lot but we would try. We should at least get most of our closing costs and a nice frig.

There were two other available homes in the neighborhood but I discounted them;

111 MAGGIE BELL LANE is very nice but the narrow lot slopes up about 10' from the back of the house. In addition to less useable yard, there could be issues with storm water run off.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115548188

Slide show

http://youtu.be/E9yb4gAOY_A

398 BELL CIRCLE is another nice Huntsville homes for sale but it sits across the street from an older house that may have been a farmstead. There is a composting farm truck, an old tractor, an old airstream an old pickup and several old out buildings.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115548194

Slide show

http://youtu.be/b_Xz35mHXvk

The link below is to a slideshow showing a plat of the three available spec homes, the available lots, neighborhood photos showing some of the homes built by the original, more upscale builder and the model home.

http://youtu.be/VWViZ3F1ZMw

At a purchase price of $160,000, 30% down ($48,000) and a 5% rate on a 30 year mortgage ($112,000) The monthly principle and interest payment would be about $600.

We can estimated the insurance cost at about $800 or $67 per month

The property is still being taxed as vacant land. If the tax assessor assessed the property as high as $160,000 The annual non-homestead taxes would be $1,168 or $97 per month.

There is one active rental listing of a larger home in the neighborhood at $1,795. I think this is more than the market will bear.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115548197

I did find one rented property in the neighborhood. It rented last August at $1,350 after just 19 days on market. It was a bit larger and may have been built by the original developer who was a bit more upscale.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115548201

Assuming we could get $1,295 in rent the management fee would be $130.

Income $1,295

Management $ 130

Taxes $ 97

Insurance $ 67

P&I $ 600

Total Expenses $894

Net income $400 / mo

We may be able to press a little higher on rent since we are entering the peak season. We would also ask for the right to market and show the house as a rental upon acceptance of a contract and before closing. This will give us 30 - 45 days of marketing time before closing.

Of everything we have seen so far this house is the one stand out in my mind. The subdivision is almost built out so we would not have to deal with construction, dirt, noise, nails and flat tires as with the Ashbury subdivision in Madison. The original builder was more upscale rather than cheaper as with the Ashbury neighborhood. There is not HOA fee where the fee at Ashbury will be $150 -$200 per year.

Please let me know your thoughts on this house and if I can provide any additional information.

104 TOTTENHAM WAY would have made a great rental but there is some sort of open drainage ditch in the back yard and the backyard of the house to the left is very junky. The house is about the fourth one in from the subdivision entry and there was a little traffic noise. I think we can do better than this.

The link below is to a slide show and the photos below show the ditch and neighbor's yard.

http://youtu.be/2uCP62qgwG4

The site agent at the ASHBURY development off County Line Road will not be on site until Monday. I will would need meet with him then for additional research. The first two phases of the development was by a cheap production builder. Parts of the second phase and the new third phase is by the much better Breland Homes. I took photos of the available lots in the newest section and previewed one of the completed homes. I am a little concerned about the cheaper homes in the neighborhood effection values but you only have to drive past four of them to reach phase three of the development. I do need to find out what percentage of the total development will be the cheaper homes. I suspect it will be less that 20% or so.

The photo below of phase three shows that that the beat cul-de-sac lots are taken. There are two deep lots at the top right in the curve that back up to woods that might be worth a closer look. All the other lots back up to areas that are or about to be developed.

A 6 to 9 month build time would put us the slower rental season.

The development is not near a flood zone (red area).

The link below is to the slideshow of the neighborhood, the plat on the first two phases and one representative house I previewed.

http://youtu.be/eEk6EUqG5_U

The link below is to the Google satellite image of the neighborhood so you can search on your own.

http://maps.google.com/maps?q=247+NEW+BRISTOL+LANE,+MADISON,+AL+35756&hl=en&ll=34.690939,-86.794567&spn=0.007922,0.021093&sll=37.0625,-95.677068&sspn=31.28862,86.396484&t=h&hnear=New+Bristol+Ln,+Madison,+Limestone,+Alabama+35756&z=16

The link below is to all available homes in the neighborhood. Most are new / proposed construction. 119 GRANTHAM CIRCLE, 125 GRANTHAM CIRCLE and 140 GRANTHAM CIRCLE are by the original cheaper builder. 105 MIDDLEWICH DRIVE is a resale but is overpriced. 225 HEALEY DRIVE might be a candidate. It is a well priced resale. I don't think it backs up to open space. Pleas click on the address for the location map. 114 KENTON LANE is a new construction but seems a little pricy at $107 per square foot. There are some upgrades and it backs up to woods. (The address map is incorrect on this one)

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115548216

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