Blue Chariot has our 9th rehab project under contract at: 56 N. Wycliff Drive, Durham, NC 27703. It has 3 Bedrooms with 2 Bathrooms, built as a Split-Level in 1988 with an Unfinished Basement, plus a 2-Car Garage. This home is a bank-owned foreclosure and we are scheduled to close in early July. The home has a relatively minor structural issue caused by a lack of proper deck flashing, which caused damage along the back wall in the basement, causing the main floor above to sag a bit at the sliding glass door leading to the deck. It’s nothing major, but enough to prevent conventional bank financing for a prospective owner-occupant purchase – which makes it the perfect project for Blue Chariot!
We anticipate a 2 month rehab for this home, of which we are planning to make it into another Blue Chariot rental. The rehab will entail adding a 4th Bedroom and 3/4th Bath in the Basement (to boost value and rental income), along with new Kitchen and Baths in the main-level, plus new flooring and paint throughout. It may also require a new HVAC and Water Heater; as well as, certain exterior fixes and upgrades – including landscaping and maybe tree removal.
This home lies within a great neighborhood off North Mineral Springs Road and Tyne Drive near Wake Forest Highway (Hwy 98) in Durham, North Carolina.