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922 3rd St
Alva, OK 73717
$265,000
Conventional
Property
Bedroom
3
Bathroom
2
Property Type
Conventional
Square ft
2388
Property Description
Have you ever considered owning and operating a bed & breakfast?Perhaps the thought of a small quaint restaurant, serving an exclusive menu, has crossed your mind.Zoned Commercial General, this lovely property has so many possibilities.This property also serves as a beautiful home with room for the entire family! With 1.16 lots, this property has plenty of room for expansion whether it is a large deck for entertaining, a swimming pool, or perhaps additional parking, should a potential buyer wish to utilize it as a commercial property.The yard is fenced with alley access.The detached garage/shop provides plenty of space for covered parking for your vehicle. You are greeted with character upon entering the front porch area of the home, with an arched entry on the west side and shutters around the door (and windows) and iron light fixtures. The front door itself is a piece of art with wood & glass and a special key system.The open living room is filled with beautiful features such as a brick fireplace with exquisite built-in bookcases on either side.The natural light that flows in this room is so wonderful and the wood floors are phenomenal! To the right of the living room is the grand dining room. The crown molding throughout this property gives these large rooms an even more elegant touch!The dining room can accommodate a large dining room table and chairs quite easily, perfect for the family holiday gathering and special dinners. Or should a potential buyer be considering this as a small intimate restaurant/bed & breakfast, this space could accommodate several tables for two or four. A special arched area tucked into the dining room wall would accommodate a collectible display hutch or could serve as a waitstaff station. The bright and cheery kitchen is located directly by the dining room and provides incredible storage and functionality.The stove, refrigerator and dishwasher stay with the property. The main floor also features two spacious bedrooms with beautiful wood floors. The hall bathroom has adeep soaker tub and shower combo.With recent renovations and existing charm, this bathroom is so cute and centrally located! Additional storage is located in the hallway between the bedrooms and bathroom and the woodwork is gorgeous. A bonus room is also located on the main floor that is currently being utilized as the laundry room.Withhookups also featured in the basement, you could transition this space to a butler's pantry or servers' station if used as a commercial restaurant or bed & breakfast space. The upstairs space is incredible. Currently there is a spacious living room area in the landing located at the top of the stairs.It could be transitioned into additional bedroom space, if needed. The master bedroom can easily accommodate oversized furniture and has room for a sitting area, vanity area and more.This could be a great space for teenagers as well. There is a half bath attached to the master bedroom.A designated space on this floor has been carved out to create the master bathroom of your dreams!The foundation for this space is there. The large soaker tubwill stay with the home. There is a full basement just waiting for you to transition into all the bonus area's you could ever dream of.If you would like a home movie theatre, craft room, man cave, workout space, additional bedrooms, there is ample room to design just the space you need.Now, if a potential buyer would consider this property to be more of a commercial space, this could be an amazing cigar lounge or additional dining space for private dinner parties or holiday gatherings. The basement also features the space to add a complete bathroom and washer & dryer. A special room is also around the corner from the bathroom area for storage, a workshop and houses the interior HVAC unit and hot water tank.Make your appointment today for your personal tour of this property.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
--
MLS Number
11193948
Location
Address
922 3rd St
City
Alva
State
OK
Zip Code
73717
County
WOODS
Listing
Provider
Kohlrus Real Estate LLC, original listing
Name
Kohlrus Real Estate LLC
Phone
(580) 327-4007
Office Name
Kohlrus Real Estate LLC
Office Phone
(580) 327-4007
Agent Name
Rachel Spellman-Hughes

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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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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.