Historic, Acreage
1940 Laurel Home, 2800 Sqft, Live Oaks, Nearly 2 Acres — $125,000
7
out of 10
HousesUnder150K Score
Property Merit 50% · Condition 25% · Price/Sq Ft 15% · Market 10%
| Category | Wt. | Score | Detail |
|---|---|---|---|
| Property Merit | 50% | 8 | 1940 home, 2800 sqft, 4BR/3BA, sunroom, office, formal dining, 1.96 acres, live oaks |
| Condition | 25% | 4 | As-is, no FHA/USDA — seller signaling deferred maintenance; no system dates given |
| Price / Sq Ft | 15% | 7 | Listing $45/sqft vs zip median ~$52/sqft; ~13% below median (thin data, 2 comps) |
| Price vs. Market | 5% | 6 | $125K vs zip median $188,918 — approximately 34% below median |
| Market Conditions | 5% | 7 | 42.3% price drops, 94.8% sale-to-list, 52-day DOM — clear buyer's market |
Two acres inside city limits is the thing that makes you stop. That kind of land in an urban setting usually comes with a serious price attached, and here it does not. The lot at 2129 N 5th Ave has live oaks and a long circle driveway, and the scale of it reads more like a country property that happened to end up in town.
The house is from 1940, and 2,800 square feet at that age means real rooms with actual proportions. Four bedrooms, three baths, a sunroom, an office or library depending on how you want to use it, and a formal dining room. High ceilings throughout. That is a lot of house for $125,000, and at $45 per square foot it runs about 13 percent below what other homes in this zip code are selling for per foot.
The catch is the condition. The seller is listing as-is and will not accept FHA or USDA financing, which tells you something without spelling it out. No dates are given for any of the systems, which means you have no idea when the roof, HVAC, plumbing, or electrical were last touched. Going in, you should assume they need attention and budget accordingly. A home inspection before any offer is obvious, but here it is essential.
For the right buyer, this is a straightforward equation. You are paying roughly $125,000 for a structurally generous 1940 house on nearly two acres with mature trees and a real sense of scale. If the systems are in rough shape, renovation costs could climb fast, and you need to know that before you commit. But if the bones hold up reasonably well, you end up with the kind of property that costs considerably more elsewhere, in a buyer's market where 42 percent of listings have already cut their price and homes are sitting for about seven weeks.
The live oaks alone would cost a fortune to grow. They are already there.
