Awesome 12.1 acre property in Vilas with long range views of Grandfather mountain just off Linville Creek Rd and only 10 min from downtown Boone and ASU. Property has a 1230 sq ft ranch house built in 1972 that has already been gutted ready for a full rehab. Also has a full basement that adds another 1230 sq ft to the total living space. No HOA. With the long driveway in place, the clearing at the top of the ridge where the house sits, the well, the septic, the basement, the plumbing and a newer 200 amp electric service, you have already $120K-135K of equity built into the property so you are only paying about $100K for the 12.1 acres. I have already estimated all costs to turn this house into a brand new 5 bed, 3 bath, 2460 sq ft house on 12.1 acres. The full rehab cost estimated at $95K-$105K in labor and materials. So for $230K (Property AS-IS) + $105K (Rehab) = $335K total, you have a brand new house valued anywhere from $185-$200/sq ft once completed ($455k-$492K). That's a profit of $120K-$157K and you are still left with a lot of additional land to build other homes or structures if you want. If you want to see the numbers, contact me and I will be glad to share them with you. Buyer Agents welcomed for a 3% commission.
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