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Hagerstown council considers buying two homes to renovate, sell

April 16, 2008|By DAN DEARTH

The City of Hagerstown is considering whether to purchase two homes to fix up and resell for a profit.

On Tuesday, the Hagerstown City Council voted to introduce an ordinance that would give city officials permission to purchase properties at 25 E. Lee St. and 415 Clarendon Ave. for $1 each. Both homes are two-story duplexes.

If the council approves the ordinance next Tuesday, it would take effect May 22.

Hagerstown Community Development Manager Larry Bayer said the houses are foreclosures that haven't been resold for more than six months. As a result, the city has the option to purchase the houses for $1 under the Department of Housing and Urban Development's Good Neighbor Program.

It would cost the city about $92,071 to renovate the home on Clarendon Avenue, increasing its value to about $118,500, according to city documents. The home on Lee Street would cost about $71,661 to renovate, raising its value to about $99,000, according to documents.

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The city could stand to make about $53,768 from the venture, according to city records.

Bayer said the homes would be too expensive to renovate to attract private buyers.

"But for $1, we can afford to do whatever it takes to bring them back to usable condition," he said.

Ideally, renovations would begin around September and take about five months to complete, Bayer said.

The following are the two houses that the City of Hagerstown is considering purchasing and reselling for a profit and the features of each house.

25 E. Lee St.

· Three bedrooms

· Kitchen

· Dining room

· Living room

· Full bath

· On-street parking

415 Clarendon Ave.

· Three bedrooms

· Kitchen

· Dining room

· Living room

· Full bath

· Rear alley access with a small garage

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