You could do MINIMAL rehab and get this sold for 225k, or knock it out of the park for a $250k return. Comps support both exits, as well as great returns for furnished rentals. Take a look!

104 Morton Ave Petersburg, VA

3 bedroom, 1 bathroom, 1134 sqft

Year Build 1963, 0.258 acre lot size

AFTER REPAIR VALUE: $240,000-250,000

WHOLESALE PRICE: $150,000.00 CASH BUYER ONLY

COE: IMMEDIATE

SETTLEMENT AGENT: Harvey & Driggs - attention Marie

EMD: $5k non-refundable due upon assignment

ACCESS: on lockbox - text or call me for the code!

Property details:

3 bedroom 1 bathroom 1134sf brick rancher built in 1963 in Westchester, Petersburg, VA had previously been converted and operated as a dentist office, as you will see in the pictures. Current Property Use with the city is "470 Medical Office" however it is Zoned R-1 Residential so conversion back to SFH is within permitted use for the zoning.

Exit Strategies:

1. Fix and Flip

Nearby comps:

1932 Buckner St, 3/1.5, 1416; Sold on 3/25 for $255,000

2241 Fort Rice St, 3/1.5,1161; Sold on 3/1 for $249,900

427 E South Blvd, 3/2, 1304; Sold on 4/25 for $250,000

2054 Colston St, 3/2,1118; Sold on 4/11 for $234,900

NOT REHABBED:

1911 Fort Rice St, 3, 1.5, 1448; Sold on 4/17 for $229,500

2046 Walton St, 3,1.5, 1395; Sold on 4/10 for $215,000

2223 Colston St, 3/2, 1344; Sold on 3/19 for $207,000

2. Fix and Rent

Nearby comps:

Crater Square Apartments & Townhomes is renting 3/1.5 for $1299/mo

Fort Sedgewick is renting 2/1.5 units for $1049/mo

AirDNA shows nightly rental fees in that area for $179/night

On AirBNB I see five 3br entire home listings ranging from $321-158/night

On Furnished Finder I see listings between $750-$1,295 for single furnished room in shared furnished house, or between $2900-$1250 for whole house furnished rental per month.

This listing is in the same neighborhood on Morton Ave the next block over and renting for $2,550/mo https://www.furnishedfinder.com/property/377433_1