Today I Viewed.....
Today I viewed 875 Webster Street in Hanover with an investor. This house is currently listed at $170K. It is a short sale property listed by William Raveis.
I was looking with a client who is looking to purchase a property, fix it up and then sell it to make $50k+ (the more the better obviously).
This property on paper fits the bill. It is located in a neighborhood where many of the houses are expensive. I estimate that if this property was fixed up cosmetically, you could sell it at a safe bet of $295K.
Overall 875 Webster Street is a great layout. You walk in to a living room on the left and a dining room on the right. There are three bedrooms and they are all upstairs. The kitchen looks out over the backyard and there is a second bathroom on the first floor.
The basement is also in good shape. There is definitely the possibility to finish at least half of the basement to make a man cave, a kids playroom or maybe a craft room. The property is situated on a nice plot of land and the back yard is private secluded with a lovely stone wall running along the house and along the side of the property. A new kitchen, fix up the walls and floors and you will have a nice house.
One of the quirks of this property is what appears to be a bunker in the back garden. I did not take a good look in so I have no idea how big it is although my client stated that it looked to have went back fairly far and was built in the last few decades. Maybe a bomb shelter??
To my untrained eye, there does not appear to be any structural issues or water issues.
One of the downfalls for some, but not for all, is that the property is located on a busy road. Again this is a personal preference. One thing to keep in mind is that when you are trying to resell the property is the fact that it is on a busy road going to decrease the six of your pool of buyers... Another downfall is the lack of a garage, but hey.. with a paved driveway you should be fine.
There are two main issues with this property that made it a no-go for my client and here they are:
1. There is a chance that the exterior of the house has asbestos.
2. The property is not on the town sewer and the buyer is responsible for the Title V (septic).
These two factors do not make the property a bad deal, just not the right deal for the investor I was working with today. I think this is a great deal for someone experienced in dealing with asbestos and/or septic systems. It is also a good option for the savy home buyer who is looking for a property that they can finish to their own taste but is not afraid of a bit of hard work to get it there.
---->Pictures and details of 875 Webster, Hanover, MA<----
If you are interested in seeing this property or others like it please give me a call on 781 929 3683.
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Disclaimer: These are all just my thoughts about this property.