Sales comparison approach using 3 comparable sales within 0.5 miles sold in last 6 months. Adjusted for renovation quality, lot size, and bedroom count. Assessed value of $96,976 appears below market.
Fully Renovated 1956 Bungalow with Modern Systems and Parking
This compact 1956 bungalow has been thoroughly reworked for modern living while retaining its single-story ease. Step inside to refinished hardwood floors and crisp, fresh paint that create a clean, cohesive palette across the living areas. The kitchen and bathroom were fully renovated with tile finishes and granite countertops—materials chosen for durability and curb appeal—and the home benefits from new plumbing and updated electrical throughout.
From a systems perspective this property has been rebuilt: new HVAC, new hot water heater, replaced siding and a recently installed roof. Those upgrades substantially reduce near-term maintenance needs and elevate the value of this 867 SF home on a level 0.13-acre lot. Practical additions—an extra front gravel parking pad, a driveway, and a rear 1-car carport—make this rare for a centrally located bungalow and ideal for owners who need off-street parking.
The floor plan is straightforward and efficient: two bedrooms, a full bath, and an easy living room-to-kitchen arrangement that suits first-time buyers, downsizers, and investors seeking a turnkey rental. Recent work on mechanicals and structure supports solid rental demand—current rent estimates in the area are about $1,200–$1,400/month, yielding roughly a 7.6% gross return at market rents—while comparable recent sales within a half-mile support a market value near $195K–$215K ($236/SF midpoint $205K).
Morgan Park’s residential streets feel established yet accessible. Downtown Burlington is only about 1.5 miles away for restaurants, services and events, while Alamance Crossing shopping and Burlington City Park lie within a short drive. The home’s single-story layout, updated finishes, and location make it an attractive move-in-ready choice. Prospective buyers should verify renovation permitting and note the existing roof material is asbestos shingle, which may have special replacement or maintenance considerations. Schedule a tour to evaluate the workmanship and see how this renovated bungalow fits your plans—whether as a primary residence, rental, or entry-level investment.
See the properties helping shape the valuation.
Comparable sales
- 33 SF larger
- Similar lot size
- 2 years newer
- 35 SF larger
- 1,337.2 SF larger lot
- 8 years older
- 374 SF larger
- 1 additional bedroom
- 1 additional bathroom
- 1,837.2 SF larger lot
- 2 years older
A 1956 bungalow on 0.13 acres.
Building
Site & utilities
Morgan Park
Researched nearby locations
Location
1615 Preston St, Burlington, NC 27217
Morgan Park is an established Burlington neighborhood of modest bungalow homes and tree-lined streets. Residents enjoy quick access to downtown Burlington’s restaurants and events, nearby shopping at Alamance Crossing, and recreational time at Burlington City Park. The area appeals to first-time buyers, downsizers and investors drawn to lower-maintenance single-story homes and short commutes within the Burlington MSA. Community character is relaxed and practical, with a mix of long-time homeowners and newer renovators refreshing older stock.
Good access to area parks and recreational amenities: Burlington City Park is nearby (approx. 2 miles), Alamance Crossing offers shopping and activity options within 3 miles, and regional trails and golf courses are a short drive away.
A factual market snapshot around 1615 Preston St.
Burlington’s local market currently reads as balanced to moderately competitive. Inventory sits near 2.5 months—tight enough to prevent long listing times but sufficient to give buyers options—while average days on market is roughly 35 days. Median sale prices in the area are about $180,000, with recent comparable closings for similarly sized renovated bungalows landing in the $190K–$220K range. Price-per-square-foot metrics for immediate comps average roughly $177–$222/SF; this property’s renovation quality supports a higher-than-assessed valuation, reflected in a sales-comparison midpoint estimate of $205,000 ($236/SF).
Single-family bungalows and modest starter homes remain in steady demand from first-time buyers and local investors; rental comparables show rents around $1,250–$1,300/month and quick lease-up times. Given limited months of inventory and steady appreciation (area values up ~15% since 2020), sellers can expect reasonable interest, and buyers who value a turnkey move-in or a stabilized renter may find this a timely opportunity. Key considerations: verify permitting for renovations, inspect the asbestos shingle roofing, and confirm disclosures, especially for buyers planning financing or immediate resale.
Single Family Residential
Zoning
Research-indicated uses
- Single Family
- Accessory Dwelling Unit
- Home Occupation
Assessment data and recorded transactions.
Assessed value is kept visually separate from the CompCasa market-value estimate.
Tax assessment
Sale history
Rental references from the research record.
Context only—not an investment recommendation or guarantee of achievable rent.
Supporting lease references
- 7 SF smaller
- 3 SF larger
What the research supports — and what is still worth verifying.
Key findings
- County assessor shows 2025 purchase at $65,000 ($75/SF) — current estimate $205,000 ($236/SF)
- Assessed value $96,976 (land $20K, improvements $76,976) — annual taxes $948
- Zoned R-6 — allows single-family residential use
- 3 comparable sales within 0.5 miles in last 6 months range $190K–$220K
- Average days on market in Burlington: 35 days (balanced market)
Still worth verifying
Routine buyer due diligence items; these are not known defects.
- Confirm lot dimensions and boundaries
- Verify renovation permits were properly pulled
- Confirm zoning and land use regulations
- Professional home inspection
- Roof condition assessment
What stands out about this property.
Interior Features
- 2 bedrooms, 1 full bathroom
- Refinished hardwood floors throughout main living areas
- Renovated kitchen with granite countertops
- Bathroom updated with tile finishes
- Fresh paint and modern fixtures
- Efficient single-story layout (867 SF)
Exterior & Lot
- Level 0.13-acre lot (approx. 5,662.8 SF)
- 1-car carport plus driveway parking
- Front gravel parking pad for additional vehicle
- New siding
- Asbestos shingle roof (buyers should evaluate replacement/maintenance options)
Location & Neighborhood
- Morgan Park neighborhood
- Approximately 1.5 miles to Downtown Burlington
- Near Alamance Crossing Shopping Center (~3 miles)
- Close to Burlington City Park (~2 miles)
- Convenient access to regional medical facilities and services
Walkability & Recreation
- Walkability Rating: 50/100 — Some walkable amenities; car useful for many errands
- Nearby parks and green spaces including Burlington City Park
- Hiking and biking routes accessible within a short drive
- Alamance Crossing shopping and dining options ~3 miles
- Running/walking paths and community recreation facilities nearby
- Golf courses and larger trail systems within a 10–20 minute drive
Sources & research confidence.
See where the property research came from and how confidence varies by field.