Property Description

Experienced Investor Opportunity - Classic Victorian with Tremendous Upside Potential. Classic Victorian-era home built in 1891, featuring 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 configured as a 3-bed, 2-bath, this two-story property has the potential to convert into a 5-bedroom layout. The upstairs loft includes a window and could be enclosed as an additional bedroom, while the main-level dining room could also become a bedroom, with the oversized living room providing ample space for a dining area. Interior and exterior clean-out is complete, allowing your renovation team to start immediately. Some renovation work has already been started, giving the next owner a head start. Priced at $35,000, this property requires a full renovation. Major repair items include a new roof, electrical updates, AC, and foundation repair, among others. The spacious 7,000 sq ft lot also presents additional opportunities to further increase value and income potential. There is ample room to add a 2-car garage, a mother-in-law suite, or an ADU (Accessory Dwelling Unit), giving the right investor even more flexibility to maximize their return on this property. This property carries the charm and character of a true piece of history, originally built in 1891 - yet it is not subject to any historic preservation restrictions. This means you have complete freedom to renovate, modernize, and redesign the home exactly to your vision without board approvals, preservation guidelines, or additional red tape. Located minutes from downtown, schools, shopping, and local amenities. ARV is conservative and based on a 3-bedroom, 2-bathroom renovation only. 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.

Property Features

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