Affordable Investment Opportunity

Affordable Investment Opportunity – 4-Bedroom Home in Roosevelt Neighborhood – Fixer-Upper with Great Potential

Lucas County Land Bank Property – 4 Bedrooms, Full Basement, Over 1,200 Sq Ft, and Excellent Investment Potential

This 4-bedroom, 1-bathroom home, located in the Roosevelt Neighborhood, offers over 1,200 square feet of living space and a full basement. It’s a fantastic opportunity for homebuyers or investors looking for a project with the potential to transform it into a beautiful, functional space. Although the home requires significant repairs to major systems, it offers a solid foundation and generous square footage, making it a great opportunity for those willing to put in the effort to restore it.

Offered by the Lucas County Land Bank, this property is available under the Homeownership Advantage Program (HAP), which means it is exclusively available for owner-occupants or buyers who plan to resell it for owner-occupancy. This home provides an excellent opportunity for those looking for an affordable entry point into homeownership, but it does require substantial renovation before it can be lived in comfortably.

Property Overview

This home is set on a shared driveway, which can affect how the space around the property is used, so it’s important to take that into consideration. However, despite needing significant repairs to its major systems, the Roosevelt Neighborhood offers a promising location for anyone looking to live in a growing community while building equity in the long term. The property is located close to schools, parks, shopping centers, and public transportation, making it a great place to invest in, particularly as the neighborhood continues to develop.

Space and Layout

The home features over 1,200 square feet of living space spread across two levels, making it a relatively spacious option for buyers looking for room to grow. The four bedrooms are generously sized, each offering good natural light and a flexible layout to accommodate different living arrangements. The full basement provides ample storage space and could potentially be finished to add even more usable square footage, such as an additional living area or recreational space.

While the layout of the home remains intact, major repairs are needed, especially to the heating system, plumbing, electrical wiring, roof, and foundation. These significant issues need to be addressed to ensure the home is safe and livable. The shared driveway could also complicate access to the property, so it’s important to make sure that this arrangement works for your needs before proceeding with an offer.

Major Systems Needing Repair or Replacement

The home requires repairs to several major systems, which will require a considerable investment of time, money, and effort. However, for buyers who are up for the challenge, the repairs could lead to a fantastic payoff. Here is a breakdown of the areas that need attention:

Furnace: The existing furnace is either broken or outdated, and it will need to be replaced in order to ensure reliable heating during the colder months. This is a key repair, as a fully functional furnace is necessary to maintain comfort in the home.

Water Heater/Plumbing: The water heater and plumbing system will require repair or replacement. Without proper plumbing, the home will not have consistent access to hot water or proper water flow. These repairs are essential for basic living conditions and need to be prioritized.

Electrical System: The electrical wiring in the home is outdated and needs to be brought up to modern standards. In addition, there are likely other electrical components such as outlets, switches, and circuit breakers that will need to be updated for safety and efficiency. Properly functioning electrical systems are crucial to ensure safety and comfort within the home.

Roof: The roof has suffered wear and tear over the years and will likely need either repairs or a full replacement to protect the home from the elements. A new roof will also ensure that the home remains energy-efficient and dry during rainstorms and other weather events.

Foundation: The foundation of the home is also in need of attention. Depending on the extent of the damage, this could require either patching up cracks and structural reinforcements or more extensive repairs. Foundation issues can lead to significant problems throughout the home, so addressing them early is crucial to avoiding further damage.

These repairs may seem overwhelming, but they offer a chance for a buyer to put their personal touch on the home and increase its value by making necessary improvements. Buyers with construction experience or access to reliable contractors can take advantage of these repairs to customize the home to their liking, improving it and boosting its long-term value.

What You Should Know About the Homeownership Advantage Program (HAP)

The Lucas County Land Bank is offering this property as part of its Homeownership Advantage Program (HAP), which is designed to encourage owner-occupancy in neighborhoods where vacant and abandoned properties have created blight. Under the program, the Land Bank will only accept offers from owner-occupants or buyers who plan to resell the property to an owner-occupant. This is great news for individuals or families looking to purchase a home and invest in the neighborhood.

This program makes homeownership more affordable by offering properties that need repairs at a significant discount, allowing buyers to purchase them with the potential to build equity over time. While this property requires significant repairs, the program ensures that it is sold to someone who intends to live in the home, thereby contributing to neighborhood stabilization and the reduction of blight.

Shared Driveway Considerations

One of the key features of this property is the shared driveway. This means that the driveway is shared with neighboring properties, which could have an impact on how you use the space. It’s important to speak with the adjacent property owner(s) to ensure that the shared driveway arrangement is understood and agreed upon, particularly when it comes to maintenance, access, and potential future disputes.

Shared driveways can sometimes be a source of tension if not clearly defined, so it’s a good idea to take the time to clarify any concerns before purchasing the property. If the shared driveway is in good condition and both parties are on the same page about its use, it can be a workable arrangement. However, it’s crucial to make sure you fully understand the terms of the shared driveway agreement before moving forward with an offer.

Roosevelt Neighborhood: A Growing Community

The Roosevelt Neighborhood offers a community-oriented setting with good access to local amenities, such as schools, parks, and shopping centers. The area is known for its historical charm and strong sense of community. As the neighborhood continues to develop and improve, homes like this one present a unique opportunity to be part of that growth.

Located close to major roads and public transportation options, the property offers easy access to downtown and nearby areas, making it an ideal spot for individuals or families who want to live in a quieter, more suburban setting while still having access to city amenities. Over time, as the neighborhood improves and develops, this home will appreciate in value, especially once repairs have been made to bring it up to modern standards.

A Diamond in the Rough

While this property may require a lot of work, it presents a fantastic opportunity for a buyer who is ready to invest time and money into a home with great potential. The 4-bedroom, 1-bathroom layout, combined with a full basement and ample square footage, offers plenty of space for renovation and personalization. Buyers with the right vision and skill set can transform this home into a charming, comfortable space that will stand the test of time.

For those looking for an affordable entry point into homeownership, this property provides a solid foundation for creating a long-term investment. With the right repairs, the property could provide years of enjoyment and equity-building for an owner-occupant.

Final Thoughts

This property offers an incredible opportunity for the right buyer, but it will require an investment in repairs and updates. With the Homeownership Advantage Program (HAP) offering the property exclusively to owner-occupants, it ensures that the right person will make the necessary improvements, while also investing in the future of the community. If you’re looking for a project with huge potential and the chance to build long-term value, this home in Roosevelt Neighborhood is an opportunity you won’t want to miss!

Listed on Zillow