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OVERVIEW
2509 Old NC 87 Hwy, Elon, NC 27244
At $40,000, this is priced roughly $32K below the average of comparable as-is sales in the area (~$72,333) and dramatically below what a renovated small home is commanding on today’s market — the closest matching active listing (2bd/1ba, similar size) is priced at $175,000. The deal comes with a rare bonus: an adjacent lot, bringing the combined parcel to 0.26 acres. Elon sits in Alamance County, part of the Piedmont Triad, just 5 minutes from Burlington, 30 minutes from Greensboro, and 45 minutes from Raleigh via I-40/I-85 — anchored by Elon University and steady rental demand from the surrounding Burlington metro. The property is vacant now, so this is a fast, clean close with no tenant to coordinate around.
Comp Avg (As-Is Sold): ~$72,333 (~$62/sq ft)
For Sale Avg: ~$175,000
Rent Avg: ~$1,275/mo |
DETAILS
Type: Single Family Home + Adjacent Lot
Bedrooms / Baths: 2 bed / 1 bath
Living Area: 840 sq ft
Year Built: 1953
Lot Size: 0.26 acres (combined lot size)
Utilities: City Water & Septic Tank
Occupancy at Closing: Vacant Now
Closing Date: 07/16/26
Closing Attorney: Atlas Orange
CONDITION
- City water and septic tank (pump history unknown)
- Electricity provided by Duke Energy
- Heat source: kerosene circulator via Huffman Oil — no central HVAC system
- Roof approximately 10–15 years old
- Property sold as-is
COMPARABLE SALES
2545 Ossipee Front St, Ossipee, NC 27244 — 1,492 sq ft — $52,000 ($34.85/sq ft) — Sold as-is, complete remodel needed (independently verified — Bright Home Offer sold this property)
3706 Shepherd Rd, Elon, NC 27244 — 1,155 sq ft — $130,000 ($112.55/sq ft) — Sold as-is, full renovation needed
2018 Headrick Dr, Burlington, NC 27217 — 880 sq ft — $35,000 ($39.77/sq ft) — Sold as-is, 11/14/25
Comp Avg (As-Is Sold): ~$72,333 (~$62/sq ft)
Our Price: $40,000 ($47.62/sq ft)
Your Spread vs other as is comps: ~$32,333
At $47.62/sq ft against an as-is comp average of $62/sq ft, this deal is priced well under the going rate for comparable fixer product in the 27244 corridor — a clean spread for a flip, and the adjacent lot adds optionality most comps in this range don’t offer.
DISCLAIMER — Please Read Before Submitting an Offer
Assignment of Contract
This is an assignment of contract. A legally binding purchase agreement with a memorandum has been executed with the Seller, granting this company exclusive rights to purchase the property. We are not brokers or realtors and are not representing ourselves as such. We do not represent the owner.
Do not contact the Seller directly. Any attempt to contact the owner, interfere with, or circumvent our active contract will result in legal action. This property is not to be re-marketed under any circumstances without our explicit written consent and the execution of a joint venture agreement.
Due Diligence
Buyers are responsible for performing their own due diligence. We are not licensed agents. Please consult appropriate legal or professional counsel before submitting an offer.
Offer & Deposit Terms
A minimum $5,000 non-refundable deposit is required within 24 hours of signing to secure the deal. Closing will occur as quickly as possible, but no longer than 30 calendar days. Buyer pays all closing costs — closing costs are NOT included in the asking price. Taxes will be prorated and split between parties. $495 transaction fee payable to Bright Home Offer LLC. Closing will be conducted with our closing attorney.
As-Is Terms
This property is offered as-is, where-is, with no warranties. By submitting an offer, you are accepting these terms. No repairs or improvements will be made prior to closing. No clean-out or clean-up of any kind will be completed. Property will not be broom clean at closing.
Realtors & Wholesalers
If you are working with a client and wish to receive a commission or fee, please note that the wholesale price does not include your compensation. You may either negotiate your commission/fee directly with your client, separate from the wholesale price, or adjust the wholesale price upward to include your fee. If you’d like to be compensated by us at or outside of closing, please reach out or include those terms in your offer.