Asking $59,900
Est. Repair $25,000 *
Est. Repaired Value $130,000 **
Potential Gross Profit >>>>$45,000<<<<
Here’s a low maintenance 3 Bedroom ranch home with newer roof, vinyl windows, and vinyl siding! There’s currently a Section 8 tenant in place paying $1,000 a month. Their lease expires Nov 31, 2018!! Tenant has been in the property for about 7 years and is willing to stay, or move- it’s up to you!! House is located in a nice quiet neighborhood approximately 10 minutes away from the Rowan University. House would need about $25k worth of work to flip or about $10k worth of TLC to keep on renting it. Note current tenant is paying only $1,000 which is currently below rental value for this area, a home like this rents for approximately $1,600 – $1,800 per month. Taxes are only $4,188 per year. Below is a break down if you decided to keep it as a rental unit at a current market rate.
Gross Income – $19,200
Taxes – $4,188
Insurance – $800
5% Vacancy – $960
Net Income – $13,252
ROI – 18.93% (Return on Investment includes acquisition + $10k worth of work)
Comps:
(1) 691 N. New St Sold for $115k on 02/29/18 (2bed 1bath 720 Sqft)
(2) 130 E. Howard St Sold for $119k on 10/27/17 (2bed 1bath 884 Sqft)
(3) 808 N. New St Sold for $119k on 07/10/18 (3bed 1bath 912 Sqft)
(4) 104 S. Dennis Dr Sold for $130k on 09/28/18 (3bed 1bath 912 Sqft)
(5) 171 E. Clinton St Sold for $139k on 03/30/18 (3bed 1bath 1,296 Sqft)
(6) 216 N. Dennis Dr Sold for $155k on 02/15/18 (4bed 2bath 1,497 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.