Asking $74,995
Est. Repairs $55,000 *
Est. Repaired Value $185,000**
Potential Gross Profit >>>>$55,000<<<<
Check out this Dutch Colonial in Magnolia Gardens. Home features 3 bedrooms, 1.5 bathrooms with a deep driveway, fenced yard and deck. First floor also offers well lit Living room, formal Dining room and laundry. The walk-up attic is finished for additional living space—great Bonus room with powder room. Flip this property with about $55k worth of work or keep it as a rental for a passive income. The home will need about $30k worth of work to get rent ready. Homes like this one rent for about $1,600 – $1,700 per month and taxes are approximately $6,040 per year. Below is a break down if you decided to keep it as a rental unit.
Gross Income – $19,200
Taxes – $6,040
Insurance – $800
5% Vacancy – $960
Net Income – $11,400
ROI – 10.85% (Return on Investment includes acquisition + $30k worth of work)
Note: Based on comps below the average property sales for about $140 per Sqft.
The subject property has about 1,384 Sqft of living space. $140 x 1,384 Sqft = $193,760 Est. Value
Comps:
(1) 301 E. Monroe Ave Sold for $125k on 09/26/18 DOM 53
(3bed 1bath 960 Sqft Renovated $131 per Sqft)
(2) 310 E. Jefferson Ave Sold for $133k on 12/04/18 DOM 12
(3bed 1bath 1,008 Sqft Renovated $131 per Sqft)
(3) 122 W. Adams Ave Sold for $136k on 10/31/18 DOM 44
(2bed 1bath 982 Sqft Renovated $138 per Sqft)
(4) 122 E. Lafayette Ave Sold for $147k on 12/21/18 DOM 109
(3bed 2bath 1,080 Sqft Updated $136 per Sqft)
(5) 104 W. Adams Ave Sold for $147k on 08/24/18 DOM 61
(3bed 1bath 1,075 Sqft Renovated $137 per Sqft)
(6) 121 W. Adams Ave Sold for $150k on 09/21/18 DOM 17
(3bed 1bath 1,218 Sqft Renovated $123 per Sqft)
(7) 515 Gloucester Ave Sold for $155k on 03/29/19 DOM 4
(2bed 1.5bath 1,067 Renovated $145 per Sqft)
(8) 313 E. Washington Ave Sold for $160k on 06/20/18 DOM 68
(4bed 1.5bath 1,188 Sqft Renovated $134 per Sqft)
(9) 126 N. King St Sold for $164k on 07/01/18 DOM 38
(3bed 1.bath 1,016 Sqft Renovated $161 per Sqft)
(10) 128 W. Lincoln Ave Sold for $190k on 12/21/18 DOM 7
(3bed 2.5baths 1,176 Sqft Renovated $161 per Sqft)
11) 139 Jackson Ave Sold for $190k on 03/08/19 DOM 14
(3bed 1.5bath 1,516 Sqft Renovated $125 per Sqft)
12) 214 W. Lincoln Ave Sold for $199k on 09/27/18 DOM 46
(4bed 2bath 1,306 Sqft Renovated $152 per Sqft)
13) 208 SW. Atlantic Ave Sold for $199k on 02/22/19 DOM 127
(3bed 2.5baths 1,272 Sqft Renovated $156 per Sqft)
14) 255 Jackson Ave Sold for $211k on 04/05/19 DOM 18
(4bed 1.5baths 1,528 Sqft Renovated $138 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.