Gutted properties can be an affordable alternative for budget-limited buyers or a big profit opportunity for house flippers.
“I feel this is an area of the state that’s often overlooked,” says Ramirez. “There’s a great opportunity here to come and fix this property and make a big profit or a great place to live.”
The property’s online listing notes the original layout for the circa 1880 home on a 6,970-square-foot lot was for six rooms, including three bedrooms. “This Colonial is ready for you to bring it back to life, pick up work where it stopped,” the posting reads. “House is undressed inside ... studs, totally cleaned from debris and old metal, no hidden defects,” adding its current owners are “moving out of state and can’t continue its renovation.
“Atlantic City is full of investors, guys who will fix and flip, guys who will fix and rent it out, and now guys who will fix and list the property on AirBnB and make really good money,” says Barker, who has issued a “AirBnB and contractor investor alert” on a two-family bungalow he has listed for sale atBuilt in 1929, the 2,008-square-foot four-bedroom duplex “has been gutted down to the studs. Ready for you to come in and finish the renovations to your liking.” Asking price is $149,000.
The market for gutted homes, indeed, seems to be a swift moving one. Just this past week, “down to the studs” houses posted for sale in Lawrenceville, Montclair, Alexandria and Ocean Gate have attracted “pending” or “contingent” sales.A one-bedroom 1920 bungalow home on a 5,450-square-foot lot at
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