We just bought this property from the MLS. The property is mixed-use which means it has commercial and residential uses. There is a 3 bedroom residential unit, a commercial unit, and a garage that can be rented separately as well.
The property is located on a busy highway which is great for commercial uses and I have 5 other properties on this same highway in other towns! The property needs some work and has some weird things going on but I think is a great deal!
The property was listed for $320,000, to begin with, and then lowered to $280,000. We made an offer of $200,000 at the time but the seller said they would only drop to $225,000. We passed at that price but the seller said to check back with them in a few months. We came back in a few months and ended up getting the home under for $210,000.
It is totally vacant now but we have a tenant who might already be lined up for the residential and garage side. Once the property is fixed up a little we should be able to rent it for $3,000 a month or more. That would make it worth $400,000 or more!
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