2516 Pine Ave, Mattoon, IL 61938

One of the best price-per-square-foot investment opportunities currently available under $40,000 in Mattoon. With a square footage price of just 17.50 this approximately 2,110-square-foot property delivers exceptional value with substantially more living space than many homes that have recently sold in the area. Homes of this size at this price point are becoming increasingly difficult to find, making this an exceptional investment for experienced investors seeking a large-scale value-add renovation project. Built in 1910, this spacious home currently features 2 bedrooms, 1 bathroom, an existing kitchen, full bathroom, and established utility connections. The flexible floor plan allows for the creation of a third bedroom by adding a closet to the existing flex room, while the full basement with windows provides additional space with the potential for a fourth bedroom, expanded living area, home office, recreation room, or additional storage. The heavy lifting has already been done, with the interior and exterior clean-out completed, saving the next owner valuable time and expense before renovation begins. With approximately 2,110 square feet of living space, the home's size and flexible layout provide a strong foundation for a complete renovation. Based on a conservative comparable sales analysis, the projected after-renovation value is approximately 160k, with potential to exceed 180k depending on the final layout, bedroom and bathroom configuration, quality of renovation, and current market conditions. Supporting comparable sales and renovation concepts are available upon request. Property is being sold AS-IS. A rare opportunity to acquire a spacious full rehab project where the heavy lifting has already been done.