Asking $49,995
Est. Repairs $40,000 *
Est. Repaired Value $140,000 **
Potential Gross Profit >>>>$50,000<<<<
INVESTMENT OPPORTUNITY!!!
Check out this Ranch style home with long driveway located close to the center of town. Home comes with 2bed, 1bath and 876 Sqft of living space. Home comes with public water and sewer. Home needs about $40k to Flip for a nice profit or you plan on keeping it as a rental then it will need about $25k to get rent ready. Homes in the area rent for approximately $1,100 – $1,200 per month and taxes are only $2,656 per year as per city Tax records. Below is a break down if you decided to keep it as a rental unit.
Gross Income – $13,200
Taxes – $2,656
Insurance – $800
5% Vacancy – $660
Net Income – $9,084
ROI – 11.35% (Return on Investment includes acquisition + $25k worth of work)
Note: Based on comps below the average property sales for about $165 per Sqft.
The subject property has about 876 Sqft of living space. $165 x 876 Sqft = $144,540 Est. Value
Comps:
(1) 1391 Baylor Ave Sold for $154k on 07/20/18 DOM 4
(2bed 1bath 860 Sqft Renovated $179 per Sqft)
(2) 1609 Wallace St Sold for $155k on 08/29/18 DOM 9
(2bed 1bath 792 Sqft Renovated $195 per Sqft)
(3) 1605 Woodlawn Ave Sold for $156k on 03/29/19 DOM 60
(3bed 1bath 1,008 Sqft Outdated $154 per Sqft)
(4) 1166 W. Chestnut Ave Sold for $174k on 08/30/18 DOM 42
(3bed 1.5baths 1,296 Sqft Renovated $134 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.