Liberty Home Sellers - Dill City, Oklahoma Handyman Special - Cash

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Serious Inquiries Only
4/3 brick home on 80 acres with 2 barns
Near Dill City, Oklahoma - Priced to Sell Quick

Listing posted on: November 20, 2009

Click the Image to see a Larger Picture
Arial View of Property...	Southwest corner...	Southeast corner...

	This property is defined by a 4-bedroom, 3-bath, brick home, with a fireplace, basement, two living areas, and a large open kitchen, with loads of cabinet space. There is also a carport suitable for two vehicles. The house needs mostly cosmetic work. You will also find three additional structures behind the house - one large barn that needs some roof panels replaced but is otherwise in good condition, one mid-sized barn that needs a few small patches in the roof, and a small cinder-block out-building (that was once used for milking the cows) that either needs a completely new roof or needs to be taken down.

As you can see from the aerial view, these 80-acres are comprised of 35-40 acres of terraced land that was farmed full-time until about five years ago, when the original owner passed away. (For most of the ensuing five years, the house was occupied by another family.)

The southern acreage is not suitable for farming, but has housed livestock in the past. Towards the far southeast corner of the property, the aerial view reveals a pond situated on the property that is ideal for watering the livestock.

This 4 bedroom / 3 full bath farm house offers a lot of equity to the right real estate investor.

Just 2-3/4 miles south of Highway 42 in Dill City, Oklahoma on the west side of South Rambo Road, this farm house is very attractive on its own merits, and with its 80 acres of land, it is hard to pass up. This home is perfect for the family that enjoys rural living.

From the rooftop of the home, a neighboring house will not be seen, within half a mile. Despite the quiet, rural area, this attractive home is not cut off from the modern world, as it has its own water well and is situated on a paved county road.

Click the Image to see a Larger Picture
To the North...	To the North West...	To the West...

To the South...

In the southern view, near the patch of trees to the right of the semi-truck on the road, there exists a small pond, which can be used to water any livestock.

As you can see in the western view of the farm, there are two barns in decent shape, behind the house. The large silver barn in the far distance of the picture needs new sheet metal for the roofing, towards the rear of the barn. It needs about 12-18 pieces of roofing to repair the rear of the barn's roof.

The small red barn closer to the home needs some patch work on its roof also, but nowhere near the extent of the patchwork needed on the larger barn. It only has a few small holes, no larger than 12-inches in diameter.

The small red out-building in the southern view lost its roof to a small tornado. It either needs a completely new roof or to be torn down.

Click the Image to see a Larger Picture
Front of the Large Barn...	Rear Left of Barn Roof...	Rear Right of Barn Roof...

Take a Look Inside...

<<< As the house appears from the road...

This farm house appears small in the pictures, but once inside the home, it is fairly spacious.

It has a really large kitchen (as you can see below), one large living area, and a smaller living area with a fireplace.

Click the Image to see a Larger Picture
Large Living Area...	Kitchen...	Kitchen...

Photos

Descriptions - Known Issues

A small tornado took out the TV antenna awhile back. When the TV antenna fell, it landed on the electric line between the utility pole and the house. It pulled the electrical input housing towards the direction of fall.

This is when the house lost its most recent residents.

We have had the electrician to the house, who gave us an estimate of $2,000 to repair this connection and reconnect the electricity.

There was no damage to the actual fusebox inside the house.

However, the fuse box is inside the only room in the house that did not have its remodeling done, when the previous owner passed away after a long and fruitful life. Before his death, he had remodeled every room in the house, except for this one.

When viewed from the front of the house, this room is the one that is at the front of the house on the right (north east corner).

On a couple of the indoor doorways, the door molding is missing, as seen here.

You may note that the floor molding is also missing in a few rooms. We believe the floor molding was one of the few unfinished projects that the original owner was unable to complete.

In a few pictures, you will also note stains on the carpet. We had intended to clean those rugs, but we could not complete that work until we had the electricity restored to the home.

The washer dryer hookups are located just to the right of this doorway, in the laundry room.

This room is at the front of the house, (viewed on the left-hand side of the "front of the house" picture - the south east corner of the home).

The only known issue in this room is a small crack leading from the top of the wall heater, heading towards the ceiling, but not reaching the ceiling.

One of the doorways has a flaw in the carpet, possibly from a door that did not shut correctly.

This is a picture of the master bedroom, shot from the door to the master bathroom.

Note the missing floor molding and the carpet stains.

Master bedroom from the other side of the room.

Master bathroom.

The bathroom next to the laundry room.

Another view of the bathroom.

An uneven floor in the hallway has left a couple of worn spots in the hallway carpet.

Several rooms have stains in the carpet.

This is one of two water spots in the ceiling.

Both leaks have been repaired, and the new sheet rock has been purchased, but not installed.

Third bathroom.

Basement.

The smaller living area.

The leak above the chimney has been repaired, but the ceiling sheet rock has not yet been replaced - although it has been purchased.

The mold has also been cleaned from the fireplace.

The family who had stayed in the house during probate tried to Mickey Mouse a repair of the fireplace leak.

A proper repair has been completed, and the water through the fireplace vent has been stopped.

Local Real Estate Comps...

A number of repairs have been made to the property and a number of repairs remain incomplete, but the repair work has been stopped and will not continue.

This decision, made by the family, provides the potential buyer of this property a considerable amount of equity, which the family has chosen to forgo.

After speaking with local real estate agents, it was learned that there were two somewhat similar properties that were sold within the county (Washita County, Oklahoma) during the previous year.

Comparable Homes that sold during previous year:

3-bedroom / 2-bath brick home, with 4 acres and no barns: $125,000
3-bedroom / 2-bath brick home, with 20 acres and no barns: $145,000

Two real estate agents agreed that the common sell price of land in the area are as follows:

Land that can be farmed: $1200 an acre
Land that cannot be farmed: $700 an acre

If these acreage prices are correct, we are estimating that the base cost of the land should be in the range of $42,000 ($1200 times 35 acres) for the land that can be farmed and $31,500 ($700 times 45 acres) for the land that cannot be farmed, for a total of $73,500 - just for the land.

Let's Look At The Numbers...

Based on these numbers, we feel that an ultra-conservative estimate of the After Repair Value (ARV) of this property should be in the range of $220-$230,000. * (Do consult with your own real estate agents and appraisers to verify our estimation of the value of the property.)

We believe that all repairs on the home itself will cost less than $10,000.

We believe that the two larger barns can be repaired and the smaller out-building torn down for under $15,000.

Conservative Estimation of ARV (After Repair Value): $220,000
Estimated Cost of Repairs: $25,000
Our Asking Price: $145,000
If you agree with our estimations, you could legitimately pick up an equity stake of $50,000 when you buy this home and its accompanying 80 acres.

If You Are Interested In This Property...

We have included all of the maps, directions and descriptions of the property to enable you to go to the property and look at it.

Feel free to visit the property at your own leisure.

If you are interested in this property, please fill out the short form below and share with us your Name and Telephone Number. In the comments section, tell us the best time to reach you by phone.

If you simply cannot accept our numbers, then feel free to use the Comments section to make a realistic offer on the property. If we don't have anyone offering our Asking Price on the property, we are at least willing to consider other offers.

Also, please give us an idea on how soon you would be willing to close on your offer.

We are offering this property at wholesale rates, expecting real estate investors to show an interest in this property. So, we will be giving preference to those who are willing to close quickly.

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