Lake Michele is this pretty little lake off of Rockbridge Road in Stone Mountain – the neighborhood has a few, classic brick ranches that are within walking distance of a tranquil fishing lake.
It’s pretty – and my friend Kris listed an REO there for just $37,620.00. He received 3 offers in the first 24 hours after listing and one of them was from my client.
My client didn’t get it.
But somebody did, probably for under $50,000.00.
A well built 3 bedroom, 2 bath on an ACRE of land.
If you are looking for a ranch – a traditional or a mid-century modern – and if you are looking for properties with some land mass to them, and if you do not care about public school performance, and if you like the Eastside of metro Atlanta, and if you want a fixer-upper, and if you like lakes, and Stone Mountain, by God…you should be looking in and around the 30088.
I’m not talking about an investor flip – I’m talking about smart primary residence buyers buying these type of properties, fixing them up and living in them.
Read this IRS publication #523 – it is all about “Primary Residence” taxation and it has an explanation on “excluding the gain.”
Fix ‘em up, and move out in a few years – either rent the property and get a nice positive cash flow, or sell them for a profit!
If you do this over the next 5 – 10 years, then you will probably be able to locate properties just like these, for under $100,000, all over this submarket.
The capital gain “upside” is remarkable.
The fact that the gain is not “income taxed” if the gain is less than $250,000 and if you live in the property for at least 24 months … well, that fact is just the biggest bonus plan in the United States today.
Prices are increasing on average in this submarket. Get ‘em while their still under $50,000…