Asking $39,995
Est. Repairs $70,000 *
Est. Repaired Value $160,000 **
Potential Gross Profit >>>>$50,000<<<<
INVESTOR ALERT❗️❗️❗️
Opportunity to Flip or Hold as a rental, this wonderful house in Collins Lakes Community. Rancher currently comes with 2 beds, 1 bath, and 1,128 Sqft of living space. Note the resale value is based on converting the front foyer into a 3rd Bedroom to receive the highest return on your money. The home is in need of updating throughout; the estimated budget also includes replacing the current septic that may or may NOT need to be replaced (please do your own due diligence). You can also add this rancher to your portfolio of rentals and collect a monthly cash flow, needs about $30k to get rent ready. Homes in the area rent for approximately $1,350 – $1,450 per month, currently taxes are about $4,886 per year. Come see this house today before its gone!!!
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $16,200
Taxes – $4,886
Insurance – $800
5% Vacancy – $810
Net Income – $9,704
ROI – 13.86% (Return on Investment includes acquisition + $30k worth of work)
Note: Based on Comps below the average property sales for about $145 per Sqft
The subject property has about 1,128 Sqft.
$145 per Sqft x 1,128 Sqft = $163,560 Est. Value
Comps:
(1) 412 Cushman Ave Sold for $130k on 04/09/20 DOM 75
(3bed 1bath 960 Sqft Outdated, with Garage $135 per Sqft)
(2) 222 Cains Mill Rd Sold for $195k on 01/30/20 DOM 19
(4bed 2bath 1,512 Sqft Fully Renovated no Garage $128 per Sqft)
(3) 304 Colin Ln Sold for $136k on 03/25/20 DOM 80
(3bed 1baths 970 Sqft Fully Renovated no Garage $140 per Sqft)
(4) 508 Wildwood Ave Sold for $158k on 03/31/20 DOM 108
(3bed 2bath 1,136 Sqft Fully Renovated no Garage $139 per Sqft)
(5) 205 Springdale Ln Sold for $190k on 12/13/19 DOM 39
(4bed 1.5 baths 1,656 Sqft Fully Renovated no Garage $115 per Sqft)
(6) 525 Wildwood Ave Sold for $155k on 11/05/19 DOM 67
(3bed 1baths 1,321 Sqft Fully Renovated no Garage $118 per Sqft)
(7) 204 W. Beach Rd Sold for $155k on 10/30/19 DOM 98
(3bed 1bath 1,336 Sqft Fully Renovated no Garage $116 per Sqft )
(8) 200 Cedar Lake Dr Sold for $150k on 08/06/19 DOM 69
(3bed 1baths 1,008 Sqft Fully Renovated no Garage $148 per Sqft)
(9) 405 Edgewood Ave Sold for $143k on 12/16/19 DOM 230
(3bed 1bath 1,160 Sqft Fully Renovated no Garage $123 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.