A Swamplot reader thinks this 1959 ranch at the corner of Bellefontaine and Morningside in Braeswood is priced too high — even though the property is listed as “Pending Continue To Show”!
Here’s the scoop:
Location: 2401 Bellefontaine Blvd., Braeswood
Details: 4-5 bedrooms, 4 1/2 baths; 3,748 sq. ft. on a 14,436-sq.-ft. lot
History: Currently under contract. Listed as “Pending Continue to Show.”
Our nominator writes:
I was thinking about this property three ways.
It could be sold as a remodel (which would probably require $100K or more just to update surfaces – a little birdie told me, for example, about the bright purple shag carpet in the entire bedroom wing of the house) – if it was an updated large ranch on this prime corner it could probably get close to 800K on a resale IMO. So what would a “flipper” pay for that? I’m guessing in the 500’s.
It could be sold as a teardown. The land value here is good and probably won’t ever collapse, but it will not be generating any income for a couple of years at best. There is way too much inventory in the neighborhood right now (big houses, old houses, new houses, empty lots) for more building to make much sense.
It could be sold as a rental. I’m currently living in . . . a big beautiful ranch house that hasn’t been touched in 50 years. In some ways that’s neat, but in other ways (plumbing, electrical) it is not. So I’d guess the rental income here will be about $2700/month. What would be the math on that for a purchase? I think that would depend on how much cash you put into the house and if you were landbanking it. I’d still end up in the 500s.
So . . . you got a better number?
Our nominator opens the bidding at $550K, calling that “a great price.” What do you think?
Swamplot Price Adjuster features properties readers think are priced too high or too low. Got a suggestion for a property? Email your nominations to Swamplot, and be sure to include a link to the listing or photos. Tell us about the property, and explain why you think it deserves a price adjustment. Then tell us what you think a better price would be. Unless requested otherwise, all submissions will be kept anonymous.