Asking $69,000
Est. Repairs $60,000 *
Est. Repaired Value $250,000 **
Potential Gross Profit >>>>$121,000<<<<
INVESTOR ALERT!!!
Great deal to either Fix and Flip with HUGE equity, or Fix and Hold for passive income. This is a single-family property with a separate entrance that was used for a home-based business; it might be able to be turned into a 2 family home. The home is currently occupied but it will be delivered vacant or with a set date of the vacancy. It needs about $60k worth of updating throughout in order to flip or about $35k worth of TLC to get rent ready. Taxes are approximately $8,142 per year and this home can rent for about $1,450 – $1,550 per month.
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $17,400
Taxes – $8,142
Insurance – $800
5% Vacancy – $870
Net Income – $7,588
ROI – 8.00% (Return on Investment includes acquisition + $25k worth of work)
Note: Based on Comps below the average property sales for about $101 per Sqft
The subject property has about 2,800 Sqft. $101 per Sqft x 2,800 Sqft = $282,800 Est. Value
Comps:
(1) 119 Madison St Sold for $91k on 11/21/19
(3bed 1bath 980 Sqft Fully Renovated $92 per Sqft)
(2) 18 Monroe St Sold for $122k on 09/04/19
(3bed 2baths 1,168 Sqft Fully Renovated $104 per Sqft)
(3) 426 N. Hook Rd Sold for $112k on 07/01/19
(2bed 1bath 1,456 Sqft Fully Updated $114 per Sqft)
(4) 13 Leap Dr. Sold for $190k on 08/28/19
(5bed 2.5baths 2,086 Sqft Outdated $91 per Sqft)
(5) 7 Johnstone St Sold for $169k on 04/29/19
(4bed 2bath 2,028 Sqft Renovated $83 per Sqft )
(6) 134 Churchtown Rd Sold for $202k on 06/24/19
(3bed 1.5bath 2,100 Sqft Fully Renovated $96 per Sqft)
(7) 298 N. Hook Rd Sold for $157k on 05/31/19
(3bed 2bath 1,488 Sqft Fully Renovated $105 per Sqft)
(8) 153 Churchtown Rd Sold for $245k on 03/29/19
(3bed 2.5baths 2,056 Sqft Fully Renovated $119 per Sqft)
(9) 244 N. River Dr Sold for $202k on 06/25/19
(3bed 2.5baths 2,240 Sqft Fully Renovated $90 per Sqft)
(10) 30 Maple Ave Sold for $160k on 08/30/19
(3bed 2bath 1,372 Sqft Fully Renovated $116 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.