Asking $89,000
Est. Repairs $70,000 *
Est. Repaired Value $240,000 **
Potential Gross Profit >>>>$81,000<<<<
Here is your next Fix and Flip Deal. House comes with 4 large bedrooms, 1 bathroom, living Room, dining Room, approximately 1,520 Sqft of living space and two large storage sheds. House is not located in a Flood Area as per FEMA (please do your own research). House will need about $70k worth of updating in order to flip for a lump sum. You can also add this to your portfolio of rentals, will need about $40k worth of work to get rent ready. Homes in the area rent for approximately $1,550 – $1,600 per month and taxes for this property are about $4,273 per year.
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $18,600
Taxes – $4,273
Insurance – $800
5% Vacancy – $930
Net Income – $12,597
ROI – 9.76% (Return on Investment includes acquisition + $40k worth of work)
Note: Based on Comps below the average property sales for about $158 per Sqft
The subject property has about 1,520 Sqft.
$158 per Sqft x 1,520 Sqft = $240,160 Est. Value
Comps:
(1) 213 Greenland Ave Sold for $134k on 03/20/20 DOM 19
(2bed 1bath 725 Sqft Fully Renovated $185 per Sqft)
(2) 157 Greenland Ave Sold for $140k on 09/26/19 DOM 94
(2bed 1bath 941 Sqft Fully Renovated $148 per Sqft)
(3) 282 Clover Ave Sold for $170k on 05/14/19 DOM 9
(3bed 2bath 1,184 Sqft Fully Renovated $143 per Sqft)
(4) 182 Weber Ave Sold for $180k on 12/27/19 DOM 39
(3bed 1.5bath 1,216 Sqft Fully Renovated $148 per Sqft)
(5) 108 Hazelhurst Ave Sold for $184k on 05/10/19 DOM 6
(4bed 2bath 1,326 Sqft Renovated $138 per Sqft )
(6) 114 Brookside Ave Sold for $185k on 09/25/19 DOM 44
(3bed 2bath 1,008 Sqft Fully Renovated $183 per Sqft)
(7) 123 Weber Ave Sold for $190k on 01/14/20 DOM 15
(4bed 2bath 1,404 Sqft Fully Renovated $135 per Sqft)
(8) 101 Hazelhurst Ave Sold for $204k on 09/30/19 DOM 17
(3bed 1.5bath 1080 Sqft Fully Renovated $188 per Sqft)
(9) 27 Clover Ave Sold for $237k on 02/19/20 DOM 67
(4bed 2bath 1,512 Sqft Fully Renovated $156 per Sqft)
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.