Norfolk VA - Ghent Neighborhood

[Rodney Bowden]

Ready for a Grand Project?

There is a $300,000 spread between the Asking Price and the projected ARV.

We have the property located at 528 Redgate Ave in Norfolk adjacent to the Stockley Gardens Park under contract. My Asking Price is $260,000. The ARV is $550,000 or more, based on the Sold Comps listed below. The repairs and renovations are estimated to be less than $125,000 (see my walk through notes below). The contractor box is on the side gate on the right side of the building. Basement access is via a padlock on the cellar doors in the back yard.

Let me know if you would like to take a look.

WALK THROUGH NOTES

* Slate roof needs install of missing slates

* Roof appears to be slightly sagging in the rear, may need structural repair

* Needs gutter and downspout repairs

* Needs HVAC units and ducts

* Remove above ground oil tank

* Repair rear deck

* Repair/Replace all windows

* Repoint missing mortar in exterior bricks

* Some sagging floors , foundation may need shoring-up in the basement

* Numerous plaster repairs mostly due to roof and window leaks. Some cracking as well.

* Assume electrical and plumbing updates needed

* 5 Bedrooms and 2.5 Baths and all room sizes are very large with high ceilings

Click here to see map of the comps: COMPS MAP

* Please note that ALL the comps including the subject property require Flood Insurance. Although, it may be minimal, i.e., the property at 523 Westover only pays $808 per year and is just around the corner from the subject property

528 Redgate Avenue: 3,822 Sq. Ft. built in 1908. ARV is $550,000

523 Westover Avenue: 3,015 Sq. Ft. built in 1900. Under Contract. for $515,000

620 Baldwin Avenue: 3,146 Sq. Ft. built in 1915. Sold for $575,000

1401 Stockley Gardens: 4,063 Sq. Ft. built in 1914. Sold for $550,000

1007 Graydon Avenue: 3,895 Sq. Ft. built in 1913. Sold for $540,000

404 Warren Crescent: built in 1910. 4,090 Sq. Ft. Sold for $599,000

713 Mowbray Arch: built in 1985. 4,000 Sq. Ft. Sold for $629,900