In the realm of real estate, the allure of fixer-upper properties continues to captivate investors and homebuyers seeking value and customization opportunities. A notable example is a property in Mayflower, Arkansas, featuring a 1,924-square-foot home on 4.41 acres, listed at $35,000.
Property Overview
Built in 1976, this single-story residence includes three bedrooms and two bathrooms. The structure is primarily brick with a composition roof and a carport. The interior spans 1,924 square feet, offering ample space for various living arrangements.
Land and Location
The expansive 4.41-acre lot provides significant outdoor space, suitable for various uses such as gardening, recreation, or potential expansion. Located in Faulkner County, the property is accessible via Highway 89 North and Burr Flat Road, offering a balance of seclusion and connectivity.
Considerations and Challenges
Prospective buyers should be aware of certain factors:
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Flood Zone Designation: The property is situated in a flood zone and has experienced flooding three times since 1969. As a result, it falls under specific regulations by the Faulkner County Office of Emergency Management (OEM). Potential buyers are advised to consult with the OEM for detailed specifications and requirements.
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Water Supply: The property does not have access to municipal water services; a well would need to be installed to meet water needs.
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Condition of the Home: While some remodeling efforts have been initiated, the house requires substantial renovation to address both aesthetic and structural aspects. The seller is offering the property in its current condition, emphasizing the need for buyers to assess the scope of work required.
Investment Potential
Despite the challenges, the property’s price point and acreage present an intriguing opportunity:
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Customization: The fixer-upper nature allows buyers to tailor the renovations to their preferences, potentially increasing the property’s value and suitability.
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Land Utilization: The substantial acreage offers possibilities for various projects, such as developing a hobby farm, creating recreational spaces, or exploring other ventures.
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Market Comparison: Similar properties in Faulkner County have been listed at higher price points. For instance, a 4.91-acre property with a mobile home requiring renovation is listed at $80,000, indicating a potentially favorable investment in comparison.
Due Diligence
Potential buyers should undertake comprehensive due diligence:
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Consult Local Authorities: Engage with the Faulkner County OEM to understand flood zone implications and any building restrictions.
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Professional Inspection: Hire qualified inspectors to evaluate the home’s structural integrity, electrical systems, plumbing, and other critical components.
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Cost Assessment: Obtain detailed estimates for necessary renovations and factor these into the overall investment analysis.
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Financing Considerations: Explore financing options suitable for properties requiring significant rehabilitation, as traditional mortgage products may have limitations in such scenarios.
Conclusion
This 4.41-acre property in Mayflower, Arkansas, represents a blend of challenges and opportunities. For those with a vision and willingness to invest in substantial renovations, it offers a canvas to create a personalized residence or investment property. Thorough research, careful planning, and professional guidance are essential to navigate the complexities and unlock the property’s full potential.
