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2353 Highway 107
Unicoi, TN 37692
$769,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
5000
Property Description
Beautiful Dream Site with a 5,100 sq ft home(s) on 1.88 acres of opportunity! Own your own slice of Limestone Cove area heaven (seller willing to owner finance)! Located right on the North Indian Creek River, there has been $30k put into the start of the creation of a Micro RV/Tiny Home Park. With several rv/tiny home lots already created near the river, septic and water lines placed underground; buyer will be responsible for the completion of running utilities to the spots and connecting the septic field. There is a separate water and electrical meter for the lots and the house. There are 2 50 amp plugs on the back of the building that can power 2 RVs currently. This property boasts over 109 ft of road frontage. With many possibilities to create your dream establishment, this stunning property now is completed with 3 constructed townhomes (completion date January 2024). Two of the townhomes (rented for $1350/month each) include 2 bedrooms, 2 full bathrooms. The lower level has kitchen, living room, 1 bedroom and 1 bathroom. Upstairs is 1 bedroom, 1 non-conforming office/room, living room, and 1 bathroom - complete with high ceilings! The entry to townhomes are through the main foyer adding extra security and direct access to the laundry room. The garage loft (rented for $1750/month) is a 1 bedroom also with a HUGE loft area and Kitchen, dining room and bedroom on main level with the Garage entrances that are 12 feet. It is the perfect set up for either short-term rentals or long-term tenancy... Anyone say wedding venue? With an already established and fully fenced in separate yard, it is an added bonus for an optional ''dog'' park or area for future playground structure. The option is yours. There is also a shed on the property for added storage, and a laundry center, in the main building, available for all tenants/guests to use as well. Don't let this potential income producing, property pass you by! The property has a brand new septic installed (Nov 2023).
Property Information
Lot Size
1 acre(s) square ft
Property Type
Other
Year Built
2020
MLS Number
9962929
Location
Address
2353 Highway 107
City
Unicoi
State
TN
Zip Code
37692
County
UNICOI
Listing
Provider
GRIFFIN HOME GROUP, original listing
Name
GRIFFIN HOME GROUP
Phone
(423) 302-0333
Office Name
eXp Realty - Griffin Home Group
Office Phone
(423) 302-0333
Agent Name
Jim Griffin

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.