This property presents a compelling opportunity for investors, renovators, and buyers seeking a project with significant upside potential. Located in the Town of Gates, this single-family home offers the chance to acquire a fixer-upper through an online-only auction and transform it according to your own vision and specifications. Whether your goal is to create a long-term rental, a personal residence, or a profitable resale, this property provides a flexible foundation for a variety of real estate strategies.
Built in 1958, the home sits on approximately 0.49 acres, offering a manageable lot size with enough outdoor space to enhance curb appeal, expand functionality, or create a comfortable yard area. The property is conveniently positioned near US Highway 13, allowing for easy access to nearby regions including Virginia and the broader northeastern North Carolina area. This accessibility enhances the property’s appeal for both residents and potential tenants, as it provides a balance between a quieter, small-town setting and connectivity to surrounding communities.
The home itself features a traditional layout with two bedrooms and one full bathroom. Additional interior spaces include a kitchen, dining area, living room, enclosed front porch, and a utility room. While the structure requires renovation and modernization, the existing layout provides a practical starting point for improvements. The single-level design is particularly appealing for those looking to create a functional and accessible living space without the need for extensive structural changes.
The living room serves as the central gathering space and offers the opportunity to be reimagined into a comfortable and inviting area. With updates such as new flooring, fresh paint, improved lighting, and modern finishes, this space could easily become a highlight of the home. The adjacent dining area connects naturally to the kitchen, offering potential for an open-concept redesign that aligns with current market preferences.
The kitchen, while currently lacking appliances, presents a blank slate for customization. Buyers have the flexibility to design a modern kitchen with updated cabinetry, countertops, and appliances tailored to their taste and budget. Whether opting for a simple, cost-effective renovation or a more upscale redesign, this space offers significant potential to add value to the property.
Both bedrooms are located on the main level and provide adequate space for comfortable living. With proper updates, including new flooring, paint, and fixtures, these rooms can be transformed into functional and appealing private spaces. The bathroom, which includes a full layout, will also benefit from renovation, allowing the new owner to install modern fixtures and finishes that improve both aesthetics and functionality.
One of the notable features of the home is the enclosed front porch. This space adds versatility and can be repurposed in several ways, such as a sunroom, sitting area, or additional living space. Enhancing this area with updated windows, insulation, and finishes could significantly improve the overall usability and charm of the property.
The utility room provides additional storage and functional space, which is an important consideration for practical day-to-day living. With thoughtful organization and upgrades, this area can serve as a laundry space, storage room, or multipurpose utility area.
It is important to note that the property is being sold as-is, and it currently does not have a functioning heat source. As a result, the exact heated square footage is not available, though the home is estimated to contain approximately 900 to 1,000 square feet. Buyers should be prepared to address heating and cooling systems as part of the renovation process. Additionally, there is no septic permit on file, which may require further due diligence and potential investment to ensure compliance with local regulations.
The construction of the home includes a wood frame with brick veneer, a crawl space foundation, and a composition roof. These structural elements provide a solid base for renovation, though inspections and updates may be necessary depending on the buyer’s plans. The property does not include a basement, and the attic is accessible via pull-down stairs, offering limited additional storage.
From an exterior perspective, the property features unpaved parking and no fencing, allowing the new owner to design and improve the outdoor layout as desired. The nearly half-acre lot provides enough space for landscaping, gardening, or even small expansions, depending on zoning regulations. The R-1 zoning designation supports residential use, making it suitable for a primary residence or rental property.
The location within Gates adds to the property’s appeal. This area offers a quieter lifestyle while still maintaining proximity to key transportation routes and nearby communities. The convenience of being near a major highway enhances accessibility for commuting, travel, and daily needs, making the property attractive to a broader range of potential buyers and tenants.
Financially, the property has a tax assessed value of $97,592 and an annual tax amount of $943, which may be appealing for investors seeking lower holding costs. These figures, combined with the property’s potential for value appreciation after renovation, make it an attractive opportunity for those looking to maximize return on investment.
The auction format adds another layer of opportunity for buyers. The property will be sold via an online-only auction, with bidding opening on July 1st and ending on July 14, 2026, at 7:00 PM. This format allows interested parties to participate conveniently while also creating a competitive environment that may result in a favorable purchase price. It is important to note that the listing price is for advertising purposes only and does not represent the seller’s asking price, a starting bid, or the final sales price.
The sale will be conducted as a cash-only transaction, and no pre-auction offers will be considered. Buyers are encouraged to contact the listing agent to obtain detailed auction terms, bidding instructions, and participation guidelines. Conducting proper due diligence prior to bidding is essential, particularly given the as-is condition of the property and the noted absence of certain systems and permits.
For investors, this property represents a classic value-add opportunity. With the right renovations, the home could be transformed into a desirable rental property, providing steady income over time. Alternatively, it could be renovated and resold for a profit, depending on market conditions and the quality of improvements made. The relatively modest size of the home may help keep renovation costs manageable, while still allowing for meaningful upgrades that increase overall value.
For owner-occupants, the property offers the chance to create a personalized living space in a convenient and accessible location. Buyers willing to invest time and resources into renovations can tailor the home to their specific preferences, resulting in a unique and customized residence.
In summary, this property in the Town of Gates offers a rare opportunity to purchase a fixer-upper at auction and unlock its full potential. With its convenient location, manageable size, and flexible layout, it provides a strong foundation for renovation and investment. While the home requires updates and improvements, its potential for transformation makes it an appealing option for a wide range of buyers.
Prospective buyers should approach this opportunity with a clear plan, realistic budget, and thorough understanding of the work required. With careful planning and execution, this property can be transformed into a valuable asset that meets a variety of real estate goals. Whether you are an experienced investor or a buyer looking for your next project, this auction presents a unique chance to acquire and reimagine a property with significant potential.
Listed on Zillow
