Asking $215,500
Est. Repairs $50,000 *
Est. Repaired Value $330,000 **
Potential Gross Profit >>>>$65,000<<<<
HANDYMAN DEAL❗️❗️❗️
Here is a quick and easy flip located in a desirable neighborhood of South River, NJ. Property features 3bedroom, 1 full bath, 1 car garage and a huge basement that once finished, it will make this house fly right of the shelf. Please note that basement will need to be waterproof. House will need approximately $50k worth work, this includes updating the home throughout, and finishing the basement. You can also hold it as a rental, it will need approximately $25k to get rent ready. Taxes are only about $5,545 per year and a home like this rent for about $2,200 – $2,300 per month.
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $26,400
Taxes – $5,545
Insurance – $800
5% Vacancy – $1,320
Net Income – $18,735
ROI – 7.74% (Return on Investment includes acquisition + $25k worth of work)
Comps:
(1) 46 Wilson Ave Sold for $315k on 05/15/19 DOM 32
(4bed 1.5baths 1,740 Sqft Outdated, Semi Finished Basement)
(2) 13 Wilbur St Sold for $318k on 11/16/20 DOM 30
(3bed 1.5baths 1,199 Sqft Outdated, Finished Basement)
(3) 1 Claremont Ave Sold for $319k on 07/24/20
(3bed 2baths 1,253 Sqft Updated, No Central AC, No Garage)
(4) 6 Claremont Ave Sold for $329k on 07/31/20 DOM 35
(3bed 2bath 1,264 Sqft Updated, Semi Finished Basement, No Garage)
(5) 30 Claremont Ave Sold for $340k on 05/29/20
(3bed 2bath 1,684 Sqft Semi Updated, No Finished Basement)
(6) 14 Darrow St Sold for $342k on 02/19/20 DOM 233
(4bed 3baths 1,774 Sqft Updated, Finished Basement, No Garage)
(7) 77 Darrow St Sold for $364k on 08/31/20 DOM 41
(4bed 2bath 1,501 Sqft Updated, No Garage Finish Basement)
(8) 5 Carmen St Sold for $373k on 10/20/20 DOM 24
(3bed 3bath 1,395 Sqft Outdated, Finish Basement)
(9) 16 Lexington Ave Sold for $375k on 11/17/20 DOM 46
(3bed 2.5baths 1,678 Sqft Updated, Semi Finish Basement)
(10) 99 Colfax St Sold for $394k on 11/30/20 DOM 18
(4bed 2baths 982 Fully Renovated, No Finished Basement)
All showings are subject to the states COVID-19 orders, recommendations, guidance, and all CDC and local health mandates and/or guidance regarding showings. Please practice social distancing and wear masks
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.