9737 Pleasant Gate Lane - Avenel - $429,000

Listed by ReMax 2000

Avanel is an upscale planned community between Falls Road and Persimmon Tree Road in Potomac. Developed by Natelli Communities, it was built out by five or six builders through the 1990’s. It is a lovely, well maintained community, with all the amenities one would expect in a high end neighborhood.

There is a mix of housing here. Town homes, patio homes, single family homes and mansions are all part of the mix. The grounds and laws are all professionally maintained by an outside company – so the community always looks manicured. A strict association assures that homes are properly maintained which adds to the value of the community.

Montgomery County – when approving these large communities – forced builders to set aside a portion of the community for “affordable housing”. They called these units MPDU’s (Moderately Priced Dwelling Units). These homes were generally smaller then the surrounding homes with far fewer amenities than most homes in the community. This home is a former MPDU.

Pleasant Gate is located just off Oaklyn Drive in the middle of the Avenel community. The restriction on selling these former MPDU units long ago expired, so these homes can be sold without restriction – at whatever the market will dictate. These brick homes are similar to Cape Cod style homes without the dormers. There are generally one bedroom and a full bath on the main level with 2 additional bedrooms and a full bath upstairs. There are basements – and many have been finished over the past 20 years by homeowners.

The front door has a storm door which needs repair. The interior of the home has PERGO style laminate floors throughout the first floor. The bathrooms are original – but are in decent shape. The kitchen is original with laminate counter tops and builder grade appliances. There is a door in the kitchen to the exterior – a nice alternate egress to the yard or grill outside.

The laminate flooring in some rooms has been replaced with similar grade laminate – but not matching laminate. The walls could use a coat of paint and the home needs to be aired out. The AIRWICK solid air fresheners in various locations throughout the home are not quite the same as getting a little fresh air.

The basement is unfinished and looks as though there may have been some flooding in the past. The carpet on the stairs has been removed, and there is a noticeable scent of mildew or mold. A humidifier has been placed in the basement running full time to try and dry it out. There seems to be a rough-in for a full bath here. This is a big plus for someone looking for a bit more living space in these homes.

Overall - this home has great potential for someone wanting to get into Potomac schools at a Gaithersburg price. There is outdoor parking for 2 cars, and the community fee is a reasonable $273 per month. This property is bank owned - and in a great location. I think this is a great opportunity for an investor as there is a real shortage of rental properties in Potomac. This would rent for $2600 a month. If you could get this for $400K - that would be close to a 6-7% return on investment. Look for this one to settle between $400 and $410K.