If you love historic architecture and want to own a turn of the century home, this might be your best opportunity ever. This foreclosed home is located in East Nashville in the historic Lockeland Springs neighborhood. This classic Victorian home was built in 1899 and features many of the hallmarks of landmark mansion like a grand entry, 2 staircases, stained & leaded glass windows & transoms. 13.5′ ceilings, ornate mantels, pocket doors and massive plaster trim.
This property will require a new roof, exterior touch up and paint. I estimate between $25,000 and $32,000 in repairs/upgrades to get this historic landmark back up to speed.
Now let’s consider the price! The home was listed for sale just one year ago for $699,900. Since then the house has been foreclosed and is now being offered for 389,900 by the bank!!
It would be hard for me to overstate this opportunity as an incredible real estate investment opportunity. This property is just one block south of Eastland Avenue in the heart of Historic Lockeland Springs, an area known for its renovated historic homes. Email Grant Hammond for additional information: grant@remarkablehomes.com
UPDATE 6/14/09
The bank has just dropped the asking price to $299,900. If you are interested, you had better jump on it at this price! It is my understanding that the bank would be willing to lend up to $350,000 to a well qualified borrower and that would cover any upgrades you need to make. Wow.
