Perfect location for the developer who understands the profit margins of Houston new-home development business. This is the right 'price per square foot' model and right location for the profit margins that Houston's home builders desire. The current listing is for 4730 Ivanhoe St and includes the purchase for lot 4734 Ivanhoe St (vacant lot next to the home) for a total of about a half acre of land to build on.
Both 4730 Ivanhoe and 4734 Ivanhoe lots are in the Greenwood subdivision and NOT in Afton Oaks. This is very important as the developer can market themselves close to the Afton Oaks neighborhood but enjoy the Greenwood original subdivision rules for development that govern the neighborhood. The developer can build one large structure on both lots OR 2 structures on the two legal lots OR the developer can remodel the existing home and either sell the second lot to another builder (or build on the vacant lot another home); see the diagrams photo below for more information. Additionally with the existing home located on the 4730 Ivanhoe site leased the developer can enjoy the rental income in order to pay the property taxes while the vacant lot is under construction and in the selling mode - restaurants are notorious with this model and helps to keep operating cost lower.
SPECIAL NOTE: OWNER FINANCING AVAILABLE, SELLER WILL HOLD THE LAND NOTE WITH SIMPLE-INTEREST ONLY PAYMENTS WHILE THE DEVELOPER ACQUIRES OUTSIDE FUNDING TO BUILD NEW HOMES AND SELL OF THE NEW STRUCTURES TO THE END-USE HOME BUYERS - THIS HELPS KEEP THE UP-FRONT COST DOWN.