Property Description

Experienced Investor Opportunity - Classic Victorian with Tremendous Upside Potential Built in 1891, this charming Victorian-era home offers approximately 2,224 sq ft of living space on a 7,000 sq ft lot, situated directly across from historic Cunningham Park in Mattoon. Currently a 3-bed/2-bath, the layout has strong potential to convert to 5 bedrooms - the upstairs loft and main-level dining room can each be enclosed as additional bedrooms. Interior and exterior clean-out is complete and the property is unoccupied and ready for your renovation team to start immediately. This property is a full rehab opportunity - noted repair items include a new roof, electrical, AC, and foundation repair, among others. The spacious lot offers additional value-add opportunities including a 2-car garage, mother-in-law suite, or ADU. This property proudly carries the charm and character of its 1891 origins while offering you complete freedom to renovate, modernize, and redesign exactly to your vision - no historic preservation restrictions, no board approvals, and no red tape. This property is priced firmly at $35,000 and reflects the total investment made to date, including acquisition, cash for keys to remove prior occupants, and a fully completed extensive interior and exterior cleanout of a prior hoarder property - giving the next owner a true head start with no hidden expenses already waiting for them. Conservative ARV comes in at $175,000 based on a 3-bed/2-bath renovation alone. Adding a 4th or 5th bedroom, a 2-car garage, a mother-in-law suite, or an ADU has the potential to significantly increase the ARV beyond this estimate, creating even greater upside for the right investor. Located minutes from downtown, schools, shopping, and local amenities. Don't miss this high-upside investment opportunity.

Property Features

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