Asking $129,995
Est. Repair $80,000 *
Est. Repaired Value $295,000 **
Potential Gross Profit >>>>$85,000<<<<
Check out this 3 Family house in East orange. Home comes with 2 three bedrooms apartments and 1 single bedroom apartment. Needs updating throughout but can be an awesome Flip or Hold it as a cashflow property. Needs about $80k to Flip or about $60k to get it Rent Ready. Taxes are 10,456 per year. Three bedrooms in area rent for about $1,800 – $1,900 per month and a one bedroom approximately $900 – $1000 per month. Below is a break down if you decided to rent it.
Gross Income – $54,000
Taxes – $10,456
Insurance – $1,500
5% Vacancy – $2,700
Net Income – $39,344
ROI – 20.70% (Return on Investment includes acquisition + $60k worth of work)
Comps:
(1) 220 S. Burnett St Sold for $290k on 03/27/18 (8bed 3bath 2,855 Sqft)
(2) 31 Linden Ave Sold for $308k on 04/06/18 (9bed 3bath 3,594 Sqft)
(3) 67 S. Maple Ave Sold for $310k on 08/24/18 (6bed 3bath 3,605 Sqft)
(4) 133 Shepard Ave Sold for $302k on 12/29/17 (9bed 3bath 3,500 Sqft)
(5) 194 Central Ave Sold for $280k on 09/26/18 (7bed 3bath 3,054 Sqft)
(6) 213 Hollywood Ave Sold for $279k on 10/31/17 (5bed 2bath 2,920 Sqft 2family)
(7) 142 Hollywood Ave Sold for $290k on 12/04/17 (7bed 3bath 3,217 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 purchasing 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.