Asking $59,995
Est. Repairs $45,000 *
Est. Repaired Value $160,000 **
Potential Gross Profit >>>>$50,000<<<<
QUICK AND EASY FIXER UPPER!!!
Look no further, here is a deal you don’t want to let pass by. House is in great shape with newer roof and siding, it also features hardwood floors throughout the bedrooms and tiles in the kitchen. House will still need about $45k worth of updating to flip or about $10k to get rent ready.
This expanded 1,644 Sqft rancher comes with 2 nice size bedrooms and a big full bathroom on the bottom floor. The converted attic features a small 3rd bedroom with a full bathroom which can be expanded over the kitchen to make it into a full master suite. The eat-in kitchen comes with salvageable marble countertops that can save you some money on the rehab and a large beautiful center island. It has a semi-finished basement with French drain and plenty of room to make into a nice Family room. This house is currently on public water and sewer and runs purely on electricity. South Jersey gas lines are available to be hooked up. Right of the kitchen, you have a nice covered patio with a one of a kind spiral stairway the leads to a fenced-in rooftop. It also comes with a huge two-car garage. Taxes for this property are about $6,140 per year and homes like this one in the area rent for approximately $1,400 – $1,500 per month.
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $16,800
Taxes – $6,140
Insurance – $800
5% Vacancy – $840
Net Income – $9,020
ROI – 12.88% (Return on Investment includes acquisition + $10k worth of work)
Note: Based on Comps below the average property sales for about $108 per Sqft
The subject property has about 1,644 Sqft. $108 per Sqft x 1,644 Sqft = $177,552 Est. Value
Comps:
(1) 115 Eaton Rd Sold for $132k on 11/14/18
(2bed 1bath 1,020 Sqft Fully Renovated $129 per Sqft)
(2) 126 Eaton Rd Sold for $133k on 03/14/19
(3bed 1.5baths 1,252 Sqft Fully Renovated $106 per Sqft)
(3) 73 Georgia Rd Sold for $152k on 07/30/19
(3bed 2bath 1,456 Sqft Fully Renovated $104 per Sqft)
(4) 136 Castle Heights Ave Sold for $170k on 08/30/19
(3bed 2bath 2,031 Sqft Outdated $83 per Sqft)
(5) 193 Highland Ave Sold for $175k on 10/26/18
(3bed 2bath 1,344 Sqft Renovated $130 per Sqft )
(6) 90 Oak St Sold for $175k on 08/30/19
(3bed 2bath 1,687 Sqft Renovated $104 per Sqft)
(7) 161 River Drive Ave Sold for $184k on 09/24/19
(3bed 2bath 1,732 Sqft Fully Renovated $106 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.