We are selling our assignable purchase contract for 192 Pine St, Lockport, NY 14094. We are looking to assign the contract to someone else that wants to make money with us.
The house is currently a 2-Unit 3 bed 1 bath Upper and Lower apartments. It is located within walking distance to Lockport Main St, John Pound Preschool, Roy B Kelley Elementary, Emmet Belknap Intermediate, AND Lockport High School. Lower Unit: Large Eat-in Kitchen, Dining room, living room (or 4th bedroom), laundry room, back patio, and basement storage. Upper Unit: Eat-in Kitchen, living room, back covered 3 season room. Large private backyard. One units rented!
Now where I see this property's tremendous potential is in it's age. If the buyer were to continue renting to the current tenant, when that is done, you'll have a rare treat that some (my parents had a house we lived in, built in 1798, they paid $250k and sold it years later for over a million) dream of having. You can offer them the house of their dreams and they would not have to pay a fortune to obtain that wish.
The area is good for rentals so people tend to hold onto them for awhile. We pulled comps on properties that are in roughly the same condition, all within a half mile of 192 Pine. We kept out comps to the late 1800s early 1900s roughly the same square footage and number of units. It looks like with even minimal work this property could turn a good profit, comps in mid $70,000 range, and with some restoration work one may be able to sell it for close to $100,000, no guarantees though. But this looks like a good one to hold onto for the income, in which I would hold with the current market, collect the rent, then sell for the amount that one's dream house would go for.
OUR NUMBERS: (of similar aged homes)
(COMPS) ADDRESS SALE PRICE TTL SQFT $/SQFT CLOSED DATE
251 High St $52,500 2,332 $22.51 01/02/2018
174 Price St $72,850 2,184 $33.08 05/17/2018
70 Grant St $74,900 2,112 $35.46 04/23/2018
43 Spruce St $63,000 2,124 $29.66 09/17/2018
314 Pine St $66,000 2,242 $29.44 09/05/2018
Year Built: 1850
Size: 2,316 Sq Ft
Lot Size: 5,942 Sq Ft
Assignment Fee $1000.00
Total Purchase Price $40,000.00
Original Asking Price $55,000.00
Keep in mind that those above comps are of that which the houses are of similar age and size and current condition. Recent sale's in the area have gone for $98,600, $82,000, $111,800 and $92,200
More photo's are available upon request.
Thank you for your time. I hope to hear from you soon.