Property Description

Investor Opportunity - One of the best price-per-square-foot investment opportunities currently available under $35,000 in Mattoon. Well suited for experienced investors seeking a complete renovation project. With a price of just $14.84 per square foot, this approximately 2,224-square-foot Victorian home delivers exceptional value with substantially more living space than many homes that have recently sold in the area. Homes of this size and architectural character at this price point are becoming increasingly difficult to find, making this an outstanding opportunity for experienced investors seeking a large-scale value-add renovation project. Built in 1891, this classic Victorian home retains the timeless charm and architectural character that make historic homes highly sought after once restored, while allowing the next owner to renovate, modernize, and redesign to their vision-without historic preservation restrictions, board approvals, or architectural review requirements. Ideally situated directly across from historic Cunningham Park, one of Mattoon's oldest and most established parks, the expansive front porch enjoys beautiful unobstructed park views with no front neighbors, creating a setting that is increasingly difficult to find. The home currently offers 3 bedrooms and 2 bathrooms with a flexible floor plan that provides multiple value-add possibilities. The existing dining room has the potential to become an additional bedroom, while the upstairs loft may be enclosed to create a fifth bedroom. The approximately 7,000-square-foot lot also provides additional possibilities for a detached garage, workshop, accessory dwelling unit (ADU), or mother-in-law suite. The heavy lifting has already been completed, with the interior and exterior clean-out finished, saving the next owner valuable time and effort before renovation begins. With approximately 2,224 sq ft of living space, the home's size, architectural character, flexible layout, and generous lot provide a strong foundation for a complete renovation. Recent comparable sales of renovated homes with similar square footage support a conservative after-repair value (ARV) in the $175,000 range, with a potential ARV of approximately $185,000 to $195,000 or more depending on the quality of the renovation, final bedroom and bathroom configuration, and market conditions. Few opportunities offer the ability to acquire over 2,200 sq ft for just $33,000 while leaving substantial room for renovation and investor profit. Supporting comparable sales, renovation concepts, and value analysis are available upon request. A rare opportunity to acquire a spacious Victorian renovation project where the heavy lifting has already been completed.

Property Features

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