Handyman Special!!!!
Asking $271,995
Est. Repairs $80,000 *
Est. Repaired Value $485,000 **
Potential Gross Profit >>>>$133,000<<<<
Flip opportunity in Passaic County ready to be transformed. Property consists of 3bed, 1bath and 1,008 Sqft of living space on a 75×210 Lot. Maximize the value by expanding the 2nd floor and adding a 4th bedroom. House currently has a private septic that has been drained, fully functional and is equipped to handle a 4bed/2bath capacity. (Please do your own due-diligence). Property will need about $80k worth of work (this includes adding the 4th bedroom and 1bath). You can also keep it as rental property and have it rent ready with about $35k worth of work. Current taxes are about $8,594 per year and a home like this can rent between $3,100 – $3,500 per month.
Below is a break down if you decided to keep it as a yearly rental.
Gross Income – $37,200
Taxes – $8,594
Insurance – $900
5% Vacancy – $1,860
Net Income – $25,846
ROI – 8.47% (Return on Investment includes acquisition + $35k worth of work)
Comps:
(1) 114 Glenwild Ave Sold for $485k on 07/12/23 DOM 14
(4bed 1.5 baths 1,414 Sqft Outdated $342 per Sqft)
(2) 4 Elm St Sold for $440k on 09/25/23 DOM 15
(3bed 2baths 1,228 Sqft Outdated $358 per Sqft)
(3) 67 Red Twig Trl Sold for $470k on 01/03/24 DOM 7
(3bed 1.5 baths 1,040 Sqft Fully Renovated $435 per Sqft)
(4) 100 Clark St Sold for $510k on 07/27/23 DOM 28
(3bed 1.5baths 1,118 Sqft Updated $456 per Sqft)
(5) 3 Mary St Sold for $510k on 06/08/23 DOM 7
(3bed 2 baths 1,562 Sqf Updated $326 per Sqft )
(6) 103 Glenwild Ave Sold for $495k on 01/19/24 DOM 31
(3bed 2baths 2,040 Sqft Fully Renovated $242 per Sqft)
(7) 24 Captolene Ave Sold for $510k on 07/05/23 DOM 13
(4bed 2baths 1,906 Sqft Fully Renovated $267 per Sqft)
(8) 18 Sally St Sold for $555k on 01/26/24 DOM 12
(4bed 2baths 1,228 Sqft Fully Renovated $451 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.