About 132 Leneake
TWO HOMES. ONE PARCEL. ENDLESS POSSIBILITIES. This unique property offers an exceptional opportunity for investors or buyers looking for additional living space and income potential. Situated on one parcel are two separate homes, providing flexibility for rental, multi-generational living, or a combination of both. The front home offers 4 bedrooms and 1 full bathroom across three spacious levels. The first floor features a large kitchen and living room area. The second floor includes two bedrooms and a full bathroom, while the third floor offers two additional bedrooms. The home has plenty of space and character, with cosmetic updates needed to bring it back to its full potential.
Tucked privately back in the woods, the second home features 2 bedrooms and 1 full bathroom, offering a unique opportunity for additional rental income, guest accommodations, or private living space. Assuming a combined rental income of $2,000 per month, the property could generate approximately $24,000 in gross rental income annually and $240,000 over 10 years. At a purchase price of $75,000, this represents a projected 32% gross annual rental return. Over a 10-year period, gross rental income less the initial purchase price would equal approximately $165,000 in projected gain, before expenses, renovation costs, vacancy, taxes, insurance, maintenance, utilities, management, and financing. With two homes, six total bedrooms, two full bathrooms, three stories in the main home, and a private wooded setting, this property offers a rare opportunity to create substantial value. Bring your vision, complete the cosmetic improvements, and unlock the potential this property has to offer. Sold as-is.
