688 Pegram St, Petersburg, VA 23803

Opportunity knocks for the savvy investor with this value-add property offering strong upside for both a flip or buy-and-hold strategy. This solidly built home features a flexible floorplan with plenty of square footage, allowing it to remain a true 4-bedroom, 1-bath layout or be thoughtfully reconfigured into a more modern and marketable 3-bedroom, 2 full-bath design. The existing footprint supports multiple renovation strategies, giving investors the freedom to optimize for resale or long-term rental performance. The exterior offers classic curb appeal with a covered front porch and a deep lot, while the rear includes a screened porch area that could be restored or repurposed into a desirable outdoor living feature. Inside, the home retains original finishes throughout, including wood paneling, dated flooring, and vintage fixtures, providing a clean slate for cosmetic or full-scale renovation. Living areas are generously sized with good natural light, making it easy to modernize while maintaining functional flow. The kitchen remains in original condition, ideal for a full redesign to maximize efficiency and value. Bedrooms are well-proportioned, and the existing bathroom presents an opportunity for a high-impact upgrade, especially if reworked into a two-bath configuration. From a systems standpoint, several major improvements are already in place, helping reduce upfront capital costs. The home features upgraded vinyl replacement windows (not new) and a heat pump system pro