2713 McElroy Drive near the Fry’s Spring Beach Club –
Surely, we’ve found the right price – NOW $255,000!
Closed May 2018
Brick one level home on a full basement, minutes from the University of Virginia and from Downtown Charlottesville.
2713 McElroy Drive is a brick home on 0.44 acres in a small Charlottesville City neighborhood, Jefferson Woods, located adjacent to the historic Fry’s Spring neighborhood. This is a great location because it is near many of the wonderful things the Charlottesville area has to offer. CAAR MLS
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This is the perfect opportunity for creating your own space in a solid, brick home located close to the University of Virginia and Historic Downtown Charlottesville. Nearby shopping, schools, parks, and recreation centers include Azalea Park, the Fry’s Spring Beach Club, and 5th Street Station. Due to this home’s location, I-64 is just a short drive away.
2713 MCELROY DRIVE AND THE FHA RENOVATION LOAN
There is such potential for this house close to the University! The owner lives outside of the Charlottesville area and asked me to find the sweet spot which will get the house sold, so we have dropped the price $40,000 to $255,000. Recent sales of similar homes in the neighborhood, renovated homes, leave room for a buyer to make the changes and upgrades needed and realize equity right away.
Thank you to Jay Domenic of Movement Mortgage for the following explanation of the FHA 203K Renovation Loan:
What is an FHA 203K Loan and How Does it Work?
Simply stated, the 203k is just an FHA loan with a 3.5% downpayment requirement. The difference lies in the calculation of the maximum loan amount based on the renovation costs needed and the after improved value. For example, if the sale price of a home is $100,000, the downpayment on an FHA loan would be $3500. But if you wanted to buy that home and renovate/update it, you would use the sale price of the home plus the renovation costs and base your downpayment on that total. So if the renovation costs are $20,000, the downpayment would be based on the Sale Price ($100,000) plus the renovation costs ($20,000) for a total of $120,000. The downpayment would be 3.5% of $120,000 or $4200.
Logistically, you would go to closing where the seller would receive their $100,000. You now own the home. Since you borrowed more than the sale price, you have excess funds for renovation. Those funds are held by the lender and disbursed to the contractor as the work is completed.
There are two types of 203k loans; Limited and Standard. The Limited is for renovation costs less than $35,000 that don’t involve structural work, landscaping or luxury items. The Standard 203k is for renovation costs that exceed $35,000 and/or involve structural work. The Standard 203k requires the use of a HUD Consultant in the process.
So if you’ve found a home that checks all the boxes except it needs some work like HVAC, flooring, appliances, etc. and you don’t have the cash to do it, the 203k loan could be a great solution to financing those improvements.
Jay Domenic, Movement Mortgage
Built in the late 1950s, with a 2002 Family Room addition.
There are three bedrooms and 1 1/2 baths on the main level. The family room (15′ x 21′) is located off of the kitchen, enjoys loads of windows, and there’s a separate entrance from the outside.
The property is elevated, with seasonal mountain views from the front. The property backs to wooded area.
There are a little over 1500 feet finished on the main level; approximately 600 finished and another 600 unfinished in the walkout basement. Due to the availability of unfinished area, the space can be used for many different options.
2713 McElroy Drive – $295,000 NOW $255,000!
Finished area 2100 sf; Unfinished 660 sf
Natural gas heat, serviced 2018; central air, also serviced 2018
Public water and sewer
If you are considering purchasing or selling a home in the Charlottesville area, please allow me the opportunity to help you put the pieces together. Virginia Gardner, Roy Wheeler Realty Co., (434) 981-0871 – Email Virginia