Affordable Housing Opportunity on 1.1 Acres in Torrington
Affordable Housing Opportunity on 1.1 Acres in Torrington! This property offers a unique opportunity for affordable housing on 1.1 acres of land, situated in a serene setting.
The house is in need of substantial repairs and is being sold as-is, making it an ideal project for those with a vision to restore and personalize their home.
Key Features:
Land Lease: The property is under a land lease with Torrington Affordable Homes (TAH), and the new buyer must meet TAH’s income and credit guidelines, even if paying with cash. No investor purchases are allowed, making this a great opportunity for owner-occupants seeking affordable housing in a quiet location.
House Condition: The home requires extensive repairs and updates. The house is being sold as-is, with the seller making no repairs. Buyers should be prepared to make improvements and restore the property to its potential. Cash or rehab loans are the only accepted forms of payment, and TAH will require a buyer to secure a construction loan to ensure the property is repaired and brought up to livable standards.
Sewer and Septic: While the property is currently on septic, there is city sewer hook-up available at the street, providing an opportunity to connect to municipal services during repairs or renovations.
Privacy and Space: The property is located on 1.1 acres, offering a good-sized lot with plenty of space for outdoor activities, gardening, or just enjoying the peaceful setting.
Buyer Requirements:
Owner-Occupant Only: This property is intended for owner-occupants only. Buyers must qualify under TAH income and credit guidelines to be considered for purchase.
No Investor Purchases: Investor purchases are not allowed, ensuring that this property will remain a home for an individual or family seeking affordable housing.
A Unique Opportunity:
This property presents a great opportunity for those who are ready to put in the work to restore a home and make it their own. With the 1.1-acre lot, the land lease with TAH, and the potential for future improvements, this is a perfect option for buyers looking for an affordable home they can personalize.
If you have the ability and desire to take on a renovation project, this home could be a fantastic opportunity to create a wonderful living space in a great location. Cash or rehab loan buyers only. Contact us for more details and to begin the process of qualifying with Torrington Affordable Homes.
From Zillow
