Asking $94,995
Est. Repairs $70,000 *
Est. Repaired Value $260,000 **
Potential Gross Profit >>>>$95,000<<<<
Here is another great deal you can Fix & Flip or Fix & Rent for passive income. Located in the Upper Greenwood Lake Community, which offers lots of outdoor activities. Home currently comes with 3 bedrooms, 1 bath and 1,440 Sqft of living space. House will need about $70k worth of updating throughout including septic in order to flip (Note: septic may or may NOT need to be replaced, $20k for New septic is included in the budget, please do your own due-diligence). Property can also be a great rental, the home will need approximately $25k worth of TLC to get rent ready. Homes in the area rent for about $1,450 – $1,550 per month and taxes are $6,645 per year. Below is a break down if you decided to buy it and keep as a rental.
Gross Income – $17,400
Taxes – $6,645
Insurance – $900
5% Vacancy – $870. Net Income – $8,985
ROI – 6.65% (Return on Investment includes acquisition + $25k worth of work)
Note: Based on comps below the average property sales for about $192 per Sqft. The subject property has about 1,440 Sqft of living space. $186 per Sqft x 1,440 Sqft = $267,840 Est. Value
Comps:
(1) 171 Lake Shore Dr 114 Sold for $215k on 04/23/18 DOM 28
(2bed 2bath 1,225 Sqft Outdated $175 per Sqft)
(2) 26 Delaware Rd Sold for $225k on 09/24/18 DOM 13
(2bed 2bath 1,056 Sqft Fair Condition $213 per Sqft)
(3) 19 Glenridge Rd Sold for $223kk on 09/28/18 DOM 49
(4bed 1baths 1,544 Sqft Fair Condition $144 per Sqft)
(4) 7 Audubon Rd Sold for $270k on 12/24/18 DOM 63
(2bed 2.5bath 1,612 Sqft Renovated $167 per Sqft)
(5) 10 Quinton Rd Sold for $260k on 05/07/18 DOM 137
(3bed 2baths 1,965 Sqft Updated $132 per Sqft)
(6) 530 Lake Shore Dr. Sold for $324k on 05/16/18 DOM 27
(3bed 3baths 1,800 Sqft Updated $180 per Sqft)
(7) 3 Laramie Trl Sold for $440k on 2/23/18 DOM 90
(3bed 2.5bath 1,500 Sqft Updated $293 per Sqft)
(8) 23 Spruce Point Trl Sold for $422k on 09/21/18 DOM 29
(3bed 2baths 1,903 Sqft Renovated $221 per Sqft)
(9) 143 Lake Shore Dr. Sold for $269k on 12/15/18 DOM 52
(3bed 3baths 1,382 Sqft Renovated $194 per Sqft)
(10) 129 Lake Shore Dr. Sold for $274k on 09/04/18
(3bed 2baths 1,337 Sqft Updated $204 per Sqft)
(11) 31 Risley Rd Sold for $300k on 09/07/18 DOM 22
(3bed 2.5bath 1,595 Sqft Renovated $188 per Sqft)
(12) 22 Ardena Rd Sold for $280k on 03/31/19 DOM 148
(4bed 3bath 1,752 Sqft Renovated $152 per Sqft)
(13) 5 Jamesburg Rd Sold for $240k on 04/30/19 DOM 36
(3bed 2bath 1,290 Sqft Outdated $186 per Sqft)
(14) 84 Riverside Rd Sold for $174k on 01/25/19 DOM 47
(2bed 2bath 1087 Sqft Renovated $160 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.