3432 Midway Rd, Cheraw SC 29520
An unusual situation has created this unique investment opportunity with excellent capital appreciation potential.
The situation is explained below, and the investment is for part of the property.
Summary of the property:
2 bed 2 bathrooms cozy and private 1996 built brick 1,300 sq ft home in quiet and well-spaced out neighborhood. The house sits in the middle of a large, fenced in lot. It has two access points from the front and has a large backyard so there is plenty of room for the whole family to enjoy. The property line is lined with mature trees for ample shade.
It is located just a quarter of a mile from highway 52 and not far from the city of Cheraw.
Property current value as it is based on current actual sales in the area: $130,000 (see below)
The house:
Stunning one story brick 2 Bedroom, 2 bathroom Single family house in a quiet and very pleasant neighborhood with mature trees at the back of the property. Bungalow style with covered porch, the property has character and interesting features and was built in 1996. It is in very good condition, ready to move in.
The house is a spacious 1,300 sq ft and has 2 bedrooms, 2 bathrooms, living room, dining area, large modern kitchen, front porch. Most of the rooms are of a decent size.
The house is approached through a set of stairs with wooden balustrades on both sides leading to a front covered porch area and an attractive solid wood entrance door.
Internally:
At the back there is an open elevated back deck with ample space for a grill. The deck has wide stairs that lead to the back yard.
Fixtures & Equipment
Pleasant and quite location:
The property is located in a pleasant and quiet residential where houses are very well spaced out. The neighbourhood is middle class/ upper-middle class and has plenty of mature trees and very well looked after houses, low crime and is very accessible and close to all local facilities and amenities being just of the US- 52 and only within 4.3 miles of Downtown Cheraw and 9.8 miles from Chesterfield SC.
Local facilities and amenities include:
Restaurants
Bill's BBQ (2.2mi), Sno N Joe (2.4mi), Taco Bell (2.6mi), Tokyo Japanese Cuisine (2.6mi), Hwy 55 Burgers Shakes & Fries (2.6mi), Burger King (2.6mi), Tokyo Japanese Sushi (2.7mi), Fatz Southern Kitchen (2.7mi), Country Kitchen (2.9mi), Bojangles' Famous Chicken 'n Biscuits (2.9mi), Wendy's (2.9mi), China Town Buffet (3.4mi), Mc Donald's (3.5mi), SUBWAY® Restaurants (3.5mi), Subway (3.5mi), Jesse's Subs (3.5mi), KFC (3.6mi), Sonic Drive-In (3.7mi), Pizza Hut (3.7mi), Oslo's Spirits and Grill (3.8mi), Coles Diner (3.9mi), J & K Grill & Market (4mi), Brady's Restaurant (4mi), Baskin's Kream Kastle (4.1mi), College Inn Restaurant (4.1mi), El-Sherif's House of Pizza (4.1mi), Fiesta Tapatia (4.1mi), Hardee's (4.1mi), Mary's Restaurant (4.3mi), Eddy's Pizzeria (4.4mi), Groucho's Deli (4.4mi), China King (4.4mi), Leo's Chicken Wings (4.4mi), Shed Restaurant (4.5mi), Huddle House (4.6mi)
Coffee
McDonald's (3.5mi), Java Vapor Lodge (4mi), River's Edge (4.4mi), Main Street Café (8.1mi), Southern Delights (15mi), Kangaroo Express (16mi), Confectionate Café (16mi), Biscuitville (16mi), Dunkin' Donuts (16mi), McDonald's (16mi), Dunkin' Donuts (17mi), Wing Queen Café (17mi), Nectar Coffee Shop (17mi), McDonald's (17mi)
Bars
Oliver's Tavern (15mi), New York Finest Nightclub (16mi), City Limits (17mi), Sara's Saloon (17mi), Southern Roadhouse (17mi), Crossroads Saloon (17mi), Rainbow Inn (18mi), Mac-A-Bees (18mi), MA & Pas Place (19mi)
Groceries
Walmart Supercenter (2.6mi), Northside Grocery (3.7mi), Philips Farms (4mi), Chesterfield County Farmers Market (4.2mi), Cheraw IGA (4.2mi), Cheraw Express (4.3mi), Carolina Canners (4.3mi), Cheraw Discount Foods & More (4.4mi), Wine Factory (4.4mi), Teal Seafood (4.6mi), Produce Barn (5.9mi), Country Pantry (7.1mi), Grits & Groceries (8mi), Town and Country (8.4mi)
Parks
Caston Park (4.1mi), Cheraw Historic District (4.3mi), Riverside Park (4.7mi), Southside Park (4.9mi), Cheraw State Recreation Area (6.1mi), Cheraw State Park (7.4mi), Cheraw State Recreation Area (7.5mi), Sugarloaf Mountain Recreation Area (14mi), East Rockingham Park Development (16mi), Davis Field (16mi), East Side Park (16mi)
Schools
Jesus Is Lord Christian School (2.2mi), Cheraw High School (3.3mi), Long Middle School (3.5mi), Cheraw Interm Elementary School (3.5mi), Cheraw Intermediate School (3.6mi), Cheraw Primary School (3.9mi), Cheraw Primary Elementary School (4mi), Faith Christian Academy (4.2mi), St Davids School (4.2mi), Jesus Is Lord Christian School (4.3mi), St Davids School (4.3mi), Mission of Faith Community School (5.1mi), Mission Of Faith Community School (5.8mi), Wallace Elementary/middle School (6.2mi), Chesterfield Ruby Middle School (6.4mi)
Shopping
Windsor Mart (2.2mi), Palmetto Pets of Cheraw (2.4mi), Cato Fashions (2.5mi), Merle Norman Cosmetic Studio (2.5mi), Dollar Tree (2.6mi), Carter Jewelers (2.6mi), Donald Harpe Body Shop (2.7mi), Family Dollar Store (2.7mi), Rent-A-Center (2.8mi), Cosmos Plus (2.8mi), Buck and Fawn Boutique (2.8mi), Carolina Eye Associates (3.2mi), Roses Express (3.4mi), Dollar General (3.4mi), Bridges Alterations Curtains and More (3.4mi), Jofer Inc (3.5mi), Verizon Wireless (3.7mi), Pee Dee Outfitters (3.9mi), Cutie Patootie Kids Clothing (3.9mi), Bargain Basket Thrift Store (4.1mi), Covington Optometric Eye Clinic (4.1mi), Alco (4.2mi), Melton's Florist (4.2mi), Mahala Reese Boutique (4.3mi), Market Street Frame Shop & Market Street Gifts And Gallery (4.3mi), N Y Center (4.3mi), Maison Parfaite (4.4mi), Betsy's Boutique (4.4mi), Goody's (4.4mi), Pursuit Of Atticus .Com (4.4mi), Kevin Lear On Main (4.4mi), D & D Fashions (4.5mi)
Entertainment
Redbox (2.6mi), Southern African American Heritage Center (4.2mi), Cheraw Lyceum Museum (4.3mi), Craig Park Hut (8.1mi), Redbox (9.1mi), Mega (16mi), Redbox (16mi), Marlboro Area Arts Council (16mi), Marlboro Civic Center (16mi), Marlboro County Historical Museum (16mi), Jennings Brown House (17mi), County Museum (17mi), Richmond Community Theatre (17mi)
Errands
Hair Port (2.2mi), Walmart Pharmacy (2.5mi), Woodforest National Bank (2.5mi), Walmart Supercenter (2.6mi), SmartStyle (2.6mi), Southern Style Salon (2.8mi), Cmc Building Supply Inc (2.8mi), Wallace Mechanical Supply Inc (3.1mi), P & H Discount Pharmacy (3.2mi), David E. Kemmerlin, RPH (3.2mi), First Citizens Bank (3.3mi), Carolina Bank (3.3mi), Founders Federal Credit Union (3.5mi), Shear Perfection (3.5mi), CVS Pharmacy (4.1mi), Harsey's Pharmacy (4.2mi), First Bank (4.2mi), Kollock's Barber Shop (4.2mi), Harsey's Pharmacy (4.2mi), US Post Office (4.3mi), Limelight Salon Spa & Gifts (4.3mi), First Citizens Bank (4.3mi), Wannamaker Drug-Medical Equipment (4.4mi), Elaine's Salon & Spa (4.4mi), US Post Office (4.8mi)
(walkscore.com)
Distances to main cities:
Charlotte NC 70 miles
Fayetteville NC 77 miles
Columbia SC 93 miles
Raleigh NC 118 miles
Demographics - Cheraw SC 295201
Total population 14,131
Population change since 2000 +2.1%
Black- African American 55.7%
White 40.1%
Average Household income: $ 47,748
1 https://southcarolina.hometownlocator.com/zip-codes/data,zipcode,29520.cfm
2. http://www.city-data.com/city/Cheraw-South-Carolina.html
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
The property value of the property as it is now, is estimated to be at least $130,000 based on the for sale and recently sold property prices in the area:
Comparable:
For sale:
220 Christian St, Cheraw, SC 29520 – 3 Bed 2 Bths, 0.28 acres- $178,000
6032 W Market St Ext, Cheraw, SC 29520 – 2 Bed , 1 Bth, $126,500 (built 1960)
2530 Old Cash Rd Unit 5004, Cheraw, SC 29520 – 2 bed, 2 bths - $143,000
487 Ridge Rd, Cheraw, SC 29520 – 3 Bed, 2 bths, 0.9 acres - $189,000
105 Will G Ln, Cheraw, SC 29520 - 3 Bed, 2 bths, 0.9 acres - $185,000
Sold:
65 Sanders Ln, Cheraw, SC 29520 - 3 bed , 2bth, 1338 sq ft – Sold August 28, 2019- $146,000
7 Hamden Cir, Cheraw, SC 29520- 3 bed, 2 bth (built 1969)- sold May 7, 2019- $132,000
209 Pecan Orchard Rd, Cheraw, SC 29520 – 2 bed , 2 bths- 1,244 sq ft- Sold June 19, 2019- $117,000
Median Sale price of homes in homes in 29520: $139,000 (trulia.com)
Excellent income potential once rehabbed
Average rent* for similar properties in this area: $1,000/ month
*hotpads.com , realtor.com
Taxes:
Chesterfield County SC - Parcel Tax ID: 242-000-000-153 - Lot 1
All back taxes are paid up to date
Current taxes due by March 15, 2020: $2,180.
Sale details:
The current sale is for lot 1 which is 0.45 acres (see attached due diligence). The total lot area is 2.09 acres and includes the house, a shed and a timber frame outbuilding. This lot was divided into 3 lots and half of the house was built on lot 1 and the other half on lot 2 (see attached image of the lots). Lot 1 was subject to foreclosure and is owned by the seller and is what’s currently offered for sale. The owner of lot 2 and back yard lot 3 has abandoned the house after half of it was foreclosed by the bank.
The buyer will be the owner of lot 1 which is half of the house and will have the keys to the house at closing.
At the county, all three lots are joined as one parcel, Parcel Tax ID: 242-000-000-153 as they were on the original map (from the 80s) which shows all 3 lots as one parcel with map number 242-000-000-153. They were divided in 1994 through a plat survey, but are currently still as one lot at the county. The Assessor’s GIS map, currently (incorrectly) shows the whole lot of 2.09 acres as owned by the seller (see attached image)
The owner of the other half was struggling to pay the mortgage, hence the foreclosure and there is an opportunity to buy their half at a low price as it is now of not much value to them.
PROPERTY IS SOLD AS IS, WHERE IS-
Buyer assumes real estate taxes, liens, bills and encumbrances
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % premium.
10% non-refundable deposit (minimum $1,000), auction premium (Minimum $250) and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment of balance to be made within 1 week of the Auction close.
All bidders to do their due diligence. Property is sold on a Quit Claim deed. Buyer assumes real estate taxes, liens, bills and encumbrances (if any). Buyer is responsible for checking the back-tax amounts and any requirements of the building code department directly. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyers are responsible for fixing building code violations (if any). Buyers are bound by the Purchase Agreement if attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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