Asking $ 39,995
Est. Repair $50,000 *
Est. Repaired Value $145,000 **
Potential Gross Profit >>>>$55,000<<<<
If you missed the last deal in Collings Lake Community here is your chance to grab this one. Located right across the lake with water views right from your front porch. House comes with 2 bedrooms and 1 bath, but there was a huge addition made that can easily be made into one or two bedrooms. That’s right, you can probably turn this into a 3-4 bedroom ranch. Come out and see for yourself. A lot of work has been done but still needs some finishing touches. Can be a perfect project for you to make a quick return or keep as a rental for a long-term investment. Home will only need about $10k worth of work to get rent ready or about $50k to flip and make all new again. The estimate includes changing the existing septic (note septic inspection has not been done it may or may not need to be changed.) Taxes for this property are $2,997 and properties in the area rent for approximately 1,300 – $1,400 per month. Home also falls in a USDA Zone which means that when its ready to hit the market, your pool of retail buyers can probably qualify for 100% and not only FHA.
Gross Income – $15,600
Insurance – $800
5% Vacancy – $780
Taxes – $2,997
Net Income – 11,023
ROI 22.04% (Return on Investment includes acquistion + $10k worth of work)
COMPS:
(1) 508 Cushman Ave Sold for $149k on 03/02/17 (3bed 1bath 1050 sqft)
(2) 310 Sherwood Ave Sold for $120k on 08/25/17 (3bed 1bath 800 sqft)
(3) 209 Delwyn Ln Sold for $138k on 02/03/17 (3bed 1bath 1,200 sqft)
(4) 107 Carol St Sold for 142k on 11/21/17 (3bed 1 bath 1,200 sqft)
(5) 326 Woodlawn Ave Sold for $154k on 10/30/17 (3bed 1.5bath 1,422 sqft)
(6) 108 W. Colton Ln Sold for $155k on 08/31/17 (3bed 2bath 1422 sqft)
(7) 104 E. Colton Ln Sold for $160k on 11/27/17 (4bed 2bath 1,400 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.
