Asking $65,995
Est. Repair $60,000*
Est. Repaired Value $200,000 **
Potential Gross Profit >>>>$74,000<<<
Here’s another great deal located in Irvington near the Maplewood/South Orange border. This is a duplex mixed use property that currently has a 2bed apartment on top and office in bottom. Both units have residential layouts so this could potentially be changed to a 2-family. This house needs approximately $60k to flip or approximately $40k to get rent ready. Taxes are $10,987 per year, If converted into 2-family it could rent for about $1,000 – $1,200 per month.
Gross Income – $ 24,000 (if converted to 2-family)
Taxes – $10,987
Insurance – $1,000
5% Vacancy – $1,200
Net Income – $10,813
ROI – 10.81% (This return on investment includes acquisition + $40k of rehab)
COMPS:
203 Brookside Ave (6 beds 2 baths 2134 sqft. sold on 4/12/17 for $225K)
1181 Clinton Ave (6 beds 2 baths 2460 sqft. Sold on 9/25/17 for $247K)
136-138 Nesbit Ter (4 beds 3 baths 2234 sqft. Sold on 6/27/17 for $207K)
5. 46 Lindsley Ave (4 beds 3 baths 2352 sqft. Sold on 7/28/17 for $240K)
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 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.