290 Lincoln Avenue for sale ... again
You-Pang Tzeng, one of the more recent carpetbaggers come a calling to Amherst with full pockets of cash to invest in our highly sought after housing stock, has made some interesting business maneuvers in the past few months.
For the first time in his illustrious career he has put a property up for sale, specifically his controversial purchase of 290 Lincoln Avenue, where he quickly demolished a historic -- to some anyways -- barn in the backyard to create a separate building lot (which also scares the Hell out of the neighborhood).
Last June You-Pang Tzeng purchased 290 Lincoln Avenue for $429,000, well below its assessed value of $465,000. The property is currently valued at $408,400 but that does not include the building lot which was formerly the "historic barn."
That property is valued at $135,400 or a total value for the house and building lot of $543,800.
So if You-Pang Tzeng is simply trying to make money on flipping property, rather than renting it, he certainly will accomplish that goal when these two choice pieces sell.
Interestingly back in November Tzeng had planned to build an addition between two adjacent homes, 60/62 and 64/66 Railroad Street, but withdrew his Special Permit Zoning request shortly before the matter would be discussed by the Zoning Board of Appeals.
290 Lincoln Avenue is now for sale at $440,000 and probably will not last long at that price. Of course the house itself is still a "single family," meaning one "family"-- as large as that may be -- or no more than 4 "unrelated" housemates, which usually means "students."
At that price and with a Special Permit required to expand to a two family, chances are better than average the property will not be snatched up by a slumlord looking to pack it with college aged youth.
The adjacent lot could be another story, but at that assessed value just for the lot it would be kind of a waste to build a cheap structure on it simply for student rental stock.
Either way, the neighborhood hopes and prays for an upper middle class family with two kids, a dog ... and no more than four cars.