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Residential Lot in Red Bank TN, Close to Chattanooga - A great investment at only 33% of the next cheapest lot in Red Bank!

SKU:
$4,500.00
$4,500.00
Unavailable
per item
ACRES: 0.3042   (13249 sq ft)  Lot Area listed as 75' x 175.65' Irregular

ADDRESS: 4616 Vivian Dr, Red Bank, Tennessee

LEGAL DESCRIPTION: 1830A 01B 07 LOT 9 WANDA HILLS PB16 PG89

NEAREST CITY: Red Bank / Chattanooga

COUNTY: Hamilton County

STATE: Tennessee

ZIP CODE: 37415

ASSESSORS PARCEL NUMBER (APN):    099P-A-035

NEAREST SCHOOLS:
  • Alpine Crest Elementary School
  • Red Bank Middle School
  • Red Bank High School

ABOUT THE PROPERTY:
This is a 0.3 acre residential lot in the Wanda Hills Subdivision. The subdivision has about two dozen properties that show on Google Maps. None of the properties have been built on yet. The roads are marked on the map, but have not yet been paved. You can pretty easily walk onto the property from the rear parking lot of North Red Bank Baptist Church, located at 4701 McCahill Rd, Chattanooga (Red Bank). With the church next door, and a house on McCahill Road, right in front of this subdivision, residents of the area have obviously figured out how to get electricity, water, sewer, etc. A brief discussion at City Hall led us to believe they had not yet arranged for city sewer for the subdivision, and it us unknown if you would need to connect to the city sewer, or set up your own septic tank. Likewise with the road for access, although the church parking lot appears to have already paved the road within a couple dozen yards of the parcel.  

REGIONAL ATTRIBUTES:
Chattanooga is a hot housing market. Chattanooga is the county seat of Hamilton County, Tennessee, a thriving community of about 200,000 people.  Chattanoogans tell the story about this factory town was once so polluted that people had to drive with their headlights on all day. In 1969 Walter Cronkite called it the “dirtiest city in America.” That was the trigger for a dramatic turnaround. Over the following decades, Chattanooga transformed itself into a thriving tourist destination. It began by addressing its air quality. Then it launched a revamp of its riverfront, which now offers outdoor recreation and a world-class aquarium. In the ’90s the city began revitalizing downtown. By 2000 a Brookings Institution study concluded Chattanooga had made a turnaround, posting increases in wages and median household income and modest population gains. (It now has more than 170,000 residents, making it Tennessee’s fourth most populous city.)

DISTANCE TO:
  • Nearest Walmart: 5.4 miles  Signal Mtn. Super Walmart Center
  • Nearest Post Office: 2.4 miles  Red Bank Post Office
  • Nearest Grocery Store: 1.8 miles  Food City Grocery Store
  • Nearest Medical Clinic: 1.8 miles  Erlanger North Hospital
  • Nearest Fast Food Restaurant: 1.3 miles  Hardee's
  • Nearest Restaurant: 0.5 miles   Lillie Mae's Place
  • Nearest Golf Course: 4.0 miles  LuPton City Golf Club
  • Nearest Town: 3.0 miles  Red Bank City Hall
  • Nearest Major Metro Area: 8.0 miles  Chattanooga City Hall

IDEAL USAGE:
Build-able lots are becoming scarce in much of Chattanooga. The Red Bank property values have been going up sharply, as more and more people realize they can have a home not directly in a congested city, but be within 10-15 minute drive to downtown Chattanooga, and the highly attractive spots like the Chattanooga Aquarium, IMAX Theater, and dozens of trendy restaurants, pubs, breweries and the Chattanooga River Walk. This parcel is part of a subdivision that has not yet been developed. At some point, it's expected that ever increasing demand will bring development of this subdivision to a reality.

BACK STORY:
I bought it from a woman who had purchased it as an investment, without knowing anything about the property.  Over the years, she had other things going on in her life, and had decided to move out of the area. I bought it from her, and offer it here as an investment property, at what I think is about half of its current value.

ABOUT US:
My wife (Shirley Stewart) and I have been married for over 40 years, and live in Chattanooga, Tennessee most of the time. We've lived in the same house (211 Greenleaf Street, Red Bank, TN) for more than a decade, and our kids and grand kids live with a mile of our home. We are both licensed insurance claims adjusters, and we are occasionally called on short notice to work out of town, often to the Gulf Coast or the Mid-Western states to respond to flooding, hurricane, hail or tornado damage. When called, we may be out of town from a few weeks, or a few months. For this reason, we use a mail forwarding service in Sanford, North Carolina. Whether we are away or at home, when they receive our mail, they open it up and scan it. Then they send us the mail as an attachment by email. This way, we can keep current with our mail where ever we are.
        My wife and I have worked in the insurance industry for more than 20 years. In the last five years, we have been slowly building up our IRA account by buying and selling real estate. I look for under-priced vacant land and when I can get it for the right price, I buy it, and turn around and sell if for less than comparable properties on the market. That's how I got this parcel, and that's why you have the opportunity to buy it for such a great price.
   
MORE ABOUT THIS PARCEL:
Chattanooga’s “North Shore” grew in demand as the tourist fell in love with the shops, Coolidge Park and the restaurants. Residents of North Shore also were able to send their children to Normal Park school, one of the best schools in the county. As the North Shore property values rapidly rose, home builders and renovators started looking for the next community up the road — and found Red Bank. After years of being known for its under-priced housing market, the values in Red Bank have been rising quickly in the last couple of years, and the projections are for values to continue to grow for the foreseeable future.

On May 18, 2019, a search on Realtor.com, (search for Red Bank, TN, land, and sort for lowest price first), show 24 lots for sale (see attached screen shot), the least expensive parcel is an acres for $14,500, then 0.25 acres for 19,500 and 0.26 acres for $20,000. Then four small lots, about 0.15 acres each for $24,700. From there, everything else is $25,900 or more.

We have priced this parcel at less than one-third the current lowest priced lot in Red Bank, at only $4,500. You might ask; "How is it that this parcel is being sold for just $4,500?" Let me explain.  I've attached a couple of photos showing the parcel as a red polygon. One shows a map which is a Google Earth view of the parcel, which looks like a rectangle among the trees, just off McCahill Road on the north edge of Red Bank.

The other photo is about the same view, but it is a Google Map view of the area, showing streets, buildings, and if you look closely enough, it shows lot lines. To make it easier to see, I shaded in the planned streets in medium gray, and labeled Vivian Drive and the parcel. Please note, those streets that I shaded in gray are not actual streets, yet.  

I think it’s been a long while since anyone paid attention to this little undeveloped subdivision. When my wife went down to city hall, they seemed unaware of the subdivision until she provided the APN (Assessors Parcel Number) and the street address so they could look it up.  Off the top of his head, the city manager said there is no reason why someone couldn’t build on the parcels, but they need to know there are no city roads, and no water or sewer to the property yet. Right now, it’s just a stand of trees next to the North Red Bank Baptist Church on McCahill Road.  You can see the photos I took from the road in front of the street that the church is currently using as their driveway.  

It’s going to be some time before someone decides to build on this lot, unless you know someone who might want to do that soon, especially since there aren’t many more choices for where to put a house here, and the values continued to climb.

If you are like me, you want to do some due diligence on the parcel before you pull the trigger and snatch this up as either an immediate project, or a long term investment.  I've included some screen shots that will provide you with the GPS coordinates of the lot, the property tax history, and the actual size of the lot, according to public records.  And there's a topographical map of the area. In the middle of that map, there is a red rectangle – that’s the parcel.
​
So, now you know what I know about the parcel. I bought it from a woman who had purchased it without knowing what it was. Over the years, she had other things going on in her life, and was considering a move out of the area. I bought it from her, and offer it here as an investment property, at what I think is about half of its current value.

If you want it, then use the Buy it Now button, which will let you send me an email.  Tell me that you want to buy the property and I'll send you an invoice you can pay on-line.  The $299 counts as payment of the Doc Fee, or if you choose the escrow option, the $299  will apply towards the purchase price of $4,500.00  

GPS COORDINATES: 35.13756, -85.28616 (approx center of parcel)

HOW TO FIND IT:
Use Google Maps and enter "4616 Vivian Drive, Red Bank, TN"

DRIVING:
  • From Dayton Blvd in Red Bank, Turn West on Browntown Rd
  • Then turn South on McCahill Road.
  • Turn right into the driveway for North Red Bank Baptist Church
  • Back lot line is approx even with back of church building

WEBSITES FOR MORE INFO: 
http://tpti.hamiltontn.gov/AppFolder/Trustee_PropertyInfo.aspx
Instructions: 
  • Go to Hamilton County Trustee - Property Tax Inquiry (see link above)
  • Select "Map Group Parcel"
  • Enter  "Control Map" 099P   "Group" A  
  • Click on  "Parcel" 035  and Click on "Search"
  • This shows our Investment Account as the Owner, and our P O Box
  • It also shows the Property Address: 4616 Vivian Dr  
  • District: Red Bank and $0 Total Due
  • Then - Click on "GIS" link, and under "Workflow"
  • Click the arrow next to (1) Parcels
  • The map shows the parcel on the map (options at bottom show satellite images)
  •  Map options include "Base Contours"  

PROPERTY ATTRIBUTES:
  • ELEVATION (feet): 798 Feet Above Sea Level
  • SLOPE: Slope of property is estimated to be about 20-30 feet front to back
  • ZONING: Residential
  • TERRAIN: Slight Slope
  • POWER: Power Lines Along McCahill Road and the Church
  • PHONE: Mobile/Satellite/Alternative
  • WATER: Would be by Well or Alternate System
  • SEWER: Septic or Alternate System
  • ACCESS: Paved city road in front of church, and church has paved access within a couple dozen yards of the parcel.
  • TIME TO BUILD: No Limit
  • TITLE INFO: Clear Title
  • TITLE INSURANCE:  We recommend you buy title insurance, as it is highly likely the bank will require it when you take out a mortgage to build on this lot.

PROPERTY TAXES -
Annual (Approx): $22 per year
Owed (Approx): None - Property Taxes are Paid Up to Date
Website - Tax Status: 
http://tpti.hamiltontn.gov/AppFolder/Trustee_PropertySearch.aspx

​DOC FEE:
$299 includes having us send a signed Special Warranty Deed to the County Recorder, or directly to you (your choice). In almost all cases, we send (by Priority Mail) the signed/notarized deed within one or two business days of receipt of funds. Funds can be in the form of cash, personal check, cashier's check or wire transfer. If in the form of a check, we deposit the funds and wait until the hold period has passed before we mail the deed.

ALTERNATE CLOSING: 
Escrow or Attorney Closing at Buyer Cost (in these cases, we do not charge a Doc fee.  
  • PROS = Buyer can purchase Title Insurance, and have an escrow agent or attorney handle the transaction. 
  • CONS = Costs for escrow and title insurance typically run $600 - $1000, and commonly takes 2-4 weeks.

TERMS:
We are selling this property for cash. Sometimes we are approached with an offer to sell it on terms, and although I would have the opportunity to earn a nice interest rate on our investment, that would tie up my funds and keep me from being able to shop for the next parcel. For that reason, we only sell for cash.  

PAYMENTS: Even though we are selling for cash, that doesn't mean you have to have all cash to purchase this parcel. There is a very popular funding option called LightStream.com  They are a division of SunTrust Bank, and they will finance your purchase at very competive rates (commonly 5-10% APR) for 2-12 years, and they commonly provide financing within 24-48 hours, and sometimes on the same day. So if you want to finance the purchase, consider checking them out at www.lightstream.com 

REALTORS: 
We are not real estate agents, and we don't use real estate agents. They are unnecessary when transacting a sale/purchase between principals (owner, seller, buyer, etc). Occasionally, one of our buyers (or sellers) decides to invite a Realtor to assist with the purchase. That's fine, but please note that you are 100% responsible for the fees charged by the Realtor. We recently had this happen, and in the closing process, the Realtor actually slowed the closing process down (only by a couple of days) and charged $2,800 as their commission. This Realtor made one five-minute phone call to me, and drafted an unnecessary and redundant form with four sentences on it.  Most people soon find that a good title/escrow service does all the work required for a clean transfer of ownership, and when building a dwelling on the property is an eventuality, I recommend you use a title company so that you can purchase title insurance, which will almost certainly be required by a bank or lending institution upon development.

PAPERWORK: 
On this web page, you will find a simple and straight-forward form:
 "Standard Vacant Land Purchase and Sale Agreement".  Simply print out this form, fill in the blanks, and sign it. Then take a photo of the form and send it, either as an attachment to email, addressed to us (LarrySellsLand@gmail.com) or as a text to my personal cell phone number which is on the second form.  

Upon receipt, I will send you a confirmation of receipt, and shortly there after, I will send you an invoice for the $299 Doc Fee. Upon receipt of the Doc Fee (assuming you make the payment before anyone else does on this parcel) I will mark the property as "Pending Sale",  and take the property off the market. Should you fail to complete the purchase within 30 days, the sale is void, and the $299 Doc Fee will be retained. Please don't act on this purchase until you are ready to commit to the purchase.  

If you choose to use an escrow/title service or real estate attorney to handle the closing, we will not charge you a doc fee (you will be responsible for all costs associated with the closing) and your $299 will be applied toward the purchase price, as a non-refundable deposit.  

Also on the forms is a place for you to designate what name(s) you want the deed titled to, and where you want future tax bills mailed, etc.

DUE DILIGENCE: 
As with any sizable purchase, you should do your own due diligence before purchasing this, or any real estate. Before you commit to purchasing this parcel, you should do your own research, talk to whomever you need to talk to, visit the property if you need to, etc. Yes - it's possible someone else will purchase the parcel while you are thinking about it, but there will likely be other suitable parcels to come on the market in the future. It's better to miss an opportunity, than to buy a property you later don't want. Be sure before you buy.

WHY IS THE PARCEL PRICED TO COMPETITIVELY?
We have presented all the known information we have about this parcel, and we believe it to be a great value, but you must decide what is right for yourself. We do not develop nor improve property. We don't build, subdivide, conduct perk tests, apply by building permits, research zoning restrictions, etc. What we do know, we have disclosed here. If it's not listed here, we don't know it. Please don't call us to ask questions for which the information is already listed here. And, please don't call us to ask questions for information that is not listed here. However, if you have process related questions (e.g. can I buy this as a gift, can you hold my check for three days before you cash it, etc.) then please, give us a call.

MONEY BACK GUARANTEE:  
If within 45 days of your purchase, you change your mind, and want a refund, we will cheerfully refund your purchase price, less any title, escrow, doc fees, recording fees, etc, subject to a 10% restocking fee for our trouble for taking it off the market, and then restart the marketing process.
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