Asking 67,900
Est. Repair $70,000 *
Est. Repaired Value $210,000 **
Potential Gross Profit >>>>$72,100<<<<
This Gem couldn’t get finished by a swamped investor, so his loss is you now your Gain!!!! House needs 70k in rehab to finish. We have certified plans from a reputable architect and they are yours now. Permits were pulled when the home was purchased so the city has already approved the work. Currently the home has 2 bedroom, 1 bathroom and 864 sqft of living space. The plans are for the second floor addition which adds the extra 2 bedrooms, 1bath and about an extra 736 sqft of living space. Current taxes for this property are $6,930 per year. House can also be a good rental. Four bedroom houses in the area rent for about $1,900 – $2,000 per month. Below is a break down if you decided to rent it.
Gross Income – $22,800
Taxes – $6,930
Insurance – $1000
5% Vacancy – $1,140
Net Income – $13,730
ROI – 9.94% (Return on Investment includes acquisition + $70k worth of work)
Comps:
(1) 1232 Kirkwood Gibbsboro Rd Sold for $147k on 06/12/18 (2bed 1bath 975 sqft)
(2) 1600 2nd St Sold for $177k on 04/18/18 (3bed 1.5baths 1318 sqft)
(3) 1225 Poplar Ave Sold for $212k on 12/15/17 (3bed 1.5bath 1,692 sqft)
(4) 29 Millbank Ln Sold for $235k on 02/01/18 (3bed 2.5baths 1,712 sqft)
(5) 17 Chandler Ln Sold for $242k on 09/`5/17 (3bed 2baths 1,402 sqft)
(6) 1509 Walnut Ave Sold for $245k on 10/16/17 (4bed 2.5baths 1,896 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.