ALPHARETTA - That is NOT a typo.  Yes, this house in Hopewell Plantation was reduced this week from $699K to $335K.

Yes, it is a foreclosure.  Yes, it is sold "as-is" but you can still get an inspection and a due diligence period to ease any concerns you have about what you are buying – and back out within the due diligence period if you are not comfortable with the inspection results.  Yes, it is a heck of a deal.

The conservative after repair value of this 5,200 square foot house in Hopewell Plantation is $600,000.

So, what’s the catch, you ask?  Well, there was a water leak that apparently went undetected for a while resulting in moisture and black mold in the basement.  It is a problem that needs remediation, but not a show stopper as far as the house is concern, in my opinion.  The sheetrock ceilings and wall and carpet all need removal and replacing in the basement.

Additionally, the hardwood floors have been seriously warped by the water in a number of places and need to be replaced.  Besides those two major issues, there are a lot of other positives about this house starting with the fact that it has recently been completely re-bricked.  (It used to be hardcoat stucco.)  It also has a new roof with architectural shingles and new six-inch gutters.

The master bath has been updated, the kitchen is large with a good layout opening onto a nice family room.

The master is on the main and there are three secondary bedrooms upstairs each good sized with there own bathrooms.  Additionally, there is a bonus room upstairs that could be a media room, play room or converted into a fourth upstairs bedroom.

As mentioned, the basement is finished, but if you buy this house you will be unfinishing about half of it to remedy the water damage.  The remainder is is good shape, with lots of daylight, a nicely finished full bathroom, another bedroom and entertainment area.

The lot is big (almost 2 acres), deep, private and has a fairly easy slope in it away from the house.  None of the trees are too close to the house.  There is a huge, new deck on the back of the house with both a covered, vaulted portion and an uncovered portion.  Below is a concrete patio accessible from the basement.

Using round numbers, there is $250,000 of equity in this house.  If you spend $100,000 you are still way below market value.  I guess that explains why there were six cars in the driveway last night looking at the house.  When a deal presents itself you must be prepared to act – and my suspicion is that this one, like the one two weeks ago in Providence Plantation , will go for more than list price.  It will still be a good deal for some lucky new Alpharetta resident.