Historic McKinley Heights 3-Story Home

• This historic home built in 1884 was originally a two-family and has already been converted to a single-family.
• This 3 story home has tons of character and potential, there are hardwood floors, massive rooms with high ceilings, beautiful original fireplaces.
• The first two floors total 2,912 sq ft, there is a 3rd floor which is 705 sq ft with 400 sq ft on the 3rd floor having at least 7 ft of ceiling height that can be counted toward the sq ft for a total of 3,312 sq ft.
• The total sq ft for the homes is 3,617 including the 3rd floor sq ft which is not 7ft in height.
• There is a 5 car garage that had a fire and needs rehab. An inspector has inspected the garage and said it is salvageable and created a report which is available.
• There is some updated plumbing and electric and some vinyl windows.
• (11) 40 ft dumpsters and 4 large truckloads of items were removed from 4 levels of this home including the basement along with a full double lot and 5 car garage full of items. A shed was torn down and removed along with all yard overgrowth, security doors were added in front and back.
• New TPO roof and gutters were just installed on the 3rd floor roof October 2021. The second floor roof is in overall good condition and was cleaned up and resealed October 2021.
• The home is located on a double lot (125×50).
• 50 ft wide lot is large enough to split off and build another house with a 25 ft lot, sell off the lot or keep it with the house.
• Lots in 63104 have recently sold for $40,000-$120,000 depending on size and location. The estimated value of the double lot is approximately $45,000
• This would be a great project for an owner-occupant who could take full advantage of the state and federal tax credits if living there for 5 years. An investor that wants to rehab the home and resell could still take advantage of the 25% state credits which can also be sold.

$595,000 Estimated After Repair Value*

$275,000 +/- Potential tax credit eligible renovation costs*

$85,000 Potential equity*

$123,750 in potential tax credits from $275,000 tax credit renovation with 45% of qualified state and federal renovation costs*

$218,750 The potential combination of after repair equity and tax credits*

*These are estimated approximate numbers that will depend on a number of factors including updates and finishes, market conditions, qualified tax credit renovation costs, etc.