Asking $48,995
Est. Repairs $45,000 *
Est. Repaired Value $140,000 **
Potential Gross Profit >>>>$46,000<<<<
One of the safest bets in Atlantic City is here!
Check out this 3bed, 2bath 1,371 Sqft split level house that’s ready to be Flipped or Rented for nice passive income. Although the property is not in a flood area as per FEMA, the house was already raised, that’s approximately a $40k expense you don’t have to worry about. House will still need about $45k worth of work to Flip which will gross you about $46,100 profit.
With property taxes being only about $3,863 this can be a great buy and hold investment as well. House will need about $20k worth of work to get rent ready. Houses like this one can rent for about $1,300 – $1,400 per month. Below is a break down if you decided to keep it as a rental unit.
Gross Income – $15,600
Taxes – $3,863
Insurance – $800
5% Vacancy – $780
Net Income – $10,157
ROI – 14.74% (Return on Investment includes acquisition + $20k worth of work)
Comps:
(1) 900 N. Dr Martin Luther King Blvd Sold for $194k on 02/21/19
(5bed 3 baths 1,928 Sqft Detached )
(2) 801 N. Indiana Ave Sold for $170k on 06/27/19
(3bed 1bath 1,439 Sqft Semi-Detached)
(3) 1308 N. Indiana Ave Sold for $144k on 05/1019
(3bed 2bath 1,741 Sqft Detached)
(4) 1832 Horace J Bryant Jr Dr Sold for $165k on 05/22/19
(4bed 2bath 1,780 Sqft Detached)
(5) 500 Caspian Ave Sold for $135k on 11/19/18
(3bed 1.5bath 1,326 Sqft Detached)
(6) 127 Houston Ave Sold for $155k on 06/28/19
(3bed 2bath 1,743 Sqft Detached)
CALL OR TEXT JOHN JARAMILLO FOR MORE INFO AT 732-630-2627
IF YOU NEED FUNDING TO PURCHASE THIS PROPERTY OR ANY OF OUR PROPERTIES, PLEASE GIVE US A CALL AND WE CAN PUT YOU IN TOUCH WITH ONE OF OUR AFFILIATE LENDERS.
SERIOUS BUYERS ONLY PLEASE. Buyer must be purchased with cash, hard or private money, or line of credit and able to close within (10) days or less. 10% Non-Refundable deposit due within 48 hrs of acceptance. Property being sold “as is”, any and all inspections and certifications, including Certificate of Occupancy will be Buyer’s responsibility. Free and clear title, quick closing offered.
TO MAKE AN OFFER CALL John at 732-630-2627.
All information, regardless of source, should be verified by personal inspection by and/or with the appropriate professional(s). The information is not guaranteed. Measurements are solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation, or other purposes. The buyer is responsible at their sole cost and expense to obtain all required permits, approvals, and certificates, including but not limited to the certificate of occupancy and smoke detector certification.
*Estimate repairs are only an estimate, all buyers are encouraged to visit the property with the contractor and gather an estimate.
**After Repair Value is an estimate of what the property can be resold after repairs have been completed. All buyers should perform their own due diligence.