113 Ellen Pl, Chapel Hill, NC 27514

Property Description

High-Yield Investment Opportunity: Dual-Income Lakefront Property in Prime Chapel Hill Location! Rare investment opportunity in a highly desirable Chapel Hill location. This property features a fully renovated, turnkey 3-bedroom ranch with a separate, income-generating lower-level apartment, maximizing rental potential and long-term appreciation. Situated on a private .41-acre lakefront lot on Lake Ellen, this property offers immediate cash flow and significant upside in a market with consistently high demand. *Investment Highlights: Dual Income Stream: *Main level: A fully renovated 3-bedroom, 1-bathroom ranch, ideal for premium rental or owner occupancy. *Lower-level apartment: A completely separate, updated 1,002 sq ft unit with private access, perfect for Airbnb, long-term rental, or executive suite, generating substantial supplemental income. *Significant Value-Add: Recent renovations: New roof (2023), HVAC (2019), mini-splits (2019, 2023), luxury vinyl plank flooring, new kitchen and bath fixtures, and updated appliances, minimizing immediate capital expenditures. *Potential for increased rental income: The lower-level apartment's versatility offers flexible rental strategies to maximize returns. *Prime Location: Lakefront property on Lake Ellen: A highly sought-after location with limited availability, ensuring strong appreciation. *Chapel Hill School District *Proximity to amenities: Walking distance to bus lines, trails (Booker Creek Trail, Carolina North), and minutes from UNC Chapel Hill, enhancing tenant appeal. *Strong Market Fundamentals: Chapel Hill's rental market: Consistently strong demand due to the presence of UNC Chapel Hill and the area's robust economy. *Appreciation potential: Lakefront properties in prime locations like Chapel Hill consistently appreciate, offering significant long-term returns. *Outdoor Living and Amenities: Gorgeous flagstone patio, fire pit, established gardens, and private lake access with kayak storage, enhancing tenant appeal and potential rental premiums. New storage shed, and fenced in yard. *Financial Projections: Detailed rental income projections and potential ROI analysis are available upon request. The separate apartment provides a substantial opportunity to increase overall rental income. The improvements made to the property reduces future expenditures.