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Help me analyze this Wilmington property

Posted Aug 8 2019, 08:08

The hardest part about analyzing this property is finding comps. Although I suspect an investor could make serious cheddar, as the young people say, by improving the property, I'm having trouble compiling good data.  

The property has been on the market for quite some time. The entire three-lot package is long and narrow, perfect, perhaps, for new townhouses, or for several multi-family houses. There is even room for a new pool. This property is surrounded by newer developments.  Access is via a permanent easement through the parking lot of a church that faces the street. It is possible to create a driveway from a street in one of those developments, at the investor's expense.  

Here are the facts I have:

Combined acreage: 5.13
Combined taxes (2018): $2,046
List price:  $599,000
Days on market:  250+ (as of today) 

Lot 1:  1.73 acres, 3308 sf house that could easily be converted to a two-family house, converting the added suite above the garage into a separate apartment.  The house requires only minimal cosmetic updating. There are two outbuildings, one of which could house horses if the timing and rules were handled carefully.
Lot 2:  1.39 acres, unimproved
Lot 3:  2.01 acres, unimproved

Southeast NC, North Carolina

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