Historic
1940 Lexington Home on Two Town Lots, Park Next Door — $69,900
6
out of 10
HousesUnder150K Score
Property Merit 50% · Condition 25% · Price/Sq Ft 15% · Market 10%
| Category | Wt. | Score | Detail |
|---|---|---|---|
| Property Merit | 50% | 6 | 1940 home, 2 town lots, built-in cabinet, rebuilt floors, park-adjacent location |
| Condition | 25% | 7 | Roof ~5yr, windows new, siding new, bath remodeled ~6yr — meaningful updates without full renovation |
| Price / Sq Ft | 15% | 8 | Listing $86/sqft vs zip median $120/sqft — 28% below; thin 6-comp base, directional signal |
| Price vs. Market | 5% | 9 | $69,900 vs $219,855 zip median — 68% below, but zip likely skewed by newer/larger homes |
| Market Conditions | 5% | 6 | DOM 43 days neutral; 40.1% price drops = buyer leverage; sale-to-list 97.2% balanced |
At $69,900, this is the kind of price that makes you read the listing twice. The zip median sits around $219,000, and yes, that number is pulled up by newer and larger homes. But even accounting for that, $86 per square foot is well below the $120 per square foot that comparable properties are actually closing at. The math is hard to ignore.
The house itself is an 808-square-foot, two-bedroom from 1940, sitting on two original town lots in Lexington. Two lots is not a throwaway detail. Lots in the original town area tend to run larger than what you find in newer subdivisions, which means there is room here. A garage someday, a real garden now, space for kids to actually be outside. The lot situation is probably one of the better arguments for this property beyond the price.
The house has had real work done. Roof replaced about five years ago. New windows. New siding. The bathroom was remodeled around six years ago. Kitchen countertops updated at the same time. Floors in one bedroom and the living room have been rebuilt. These are not cosmetic updates. They are the expensive, unglamorous things that make a house livable and keep it from bleeding money. What the listing does not claim is that the whole thing is finished. There is still work to do, and at 808 square feet, the interior is tight. Two small bedrooms, one bath shared Jack-and-Jill style, a kitchen with a built-in china cabinet. It is a small house. A single person or a couple could make it comfortable; a growing family would feel it pretty quickly.
The location puts you on Highway 39, Lexington's main road, right next to the city park with a splash pad, the fire station, and the police station. Central, practical, and noisy in the way that main drag properties tend to be.
The downside is the size. Eight hundred square feet does not leave much room to grow into, and the lot advantages only go so far if the house itself cannot expand. But for a first home, a rental, or a foothold in a market where prices are measurably higher, $69,900 on two lots with a newer roof and windows is a reasonable starting point.
