Asking $69,995
Est. Repairs $35,000 *
Est. Repaired Value $150,000 **
Potential Gross Profit >>>>$45,000<<<<
Solid house in need of updating located in quiet neighborhood. Can be a nice quick Flip or a buy and hold investment with positive cash flow. House is not located in a Flood Area as per FEMA (please do your own research). House comes with 3bedrooms, 1.5 bathrooms and about 1,392 Sqft of living space. House will need about $35k worth of updating in order to flip for a lump sum. Estimate includes replacing the roof which was damaged do to solar panels that where removed. You can also add this amazing deal to your portfolio of rentals, will need about $25k worth of TLC to get rent ready. Homes in the area rent for approximately $1,350 – $1,450 per month and taxes for this property are about $6,042 per year.
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $16,200
Taxes – $6,042
Insurance – $800
5% Vacancy – $810
Net Income – $8,548
ROI – 8.99%(Return on Investment includes acquisition + $25k worth of work)
Note: Based on Comps below the average property sales for about $123 per Sqft
The subject property has about 1,392 Sqft.
$123 per Sqft x 1,392 Sqft = $171,216 Est. Value
Comps:
(1) 14 Oberlin Rd Sold for $126k on 09/27/19 DOM 120
(3bed 2bath 1,232 Sqft Updated $102 per Sqft)
(2) 29 Easton Rd Sold for $128k on 10/02/19 DOM 201
(4bed 2bath 1,530 Sqft Fully Renovated $83 per Sqft)
(3) 33 Harvard Rd Sold for $130k on 04/30/19 DOM 5
(2bed 1bath 806 Sqft Fully Renovated $161 per Sqft)
(4) 55 Eaton Rd Sold for $130k on 04/26/19 DOM 152
(2bed 1bath 1,056 Sqft Updated $123 per Sqft)
(5) 57 Harvard Rd Sold for $137k on 05/21/19 DOM 175
(3bed 1.5bath 1,292 Sqft Outdated $106 per Sqft )
(6) 9 Magnolia Dr Sold for $138k on 12/30/19 DOM 23
(3bed 1bath 1,040 Sqft Fully Renovated $132 per Sqft)
(7) 147 S. Washington Dr Sold for $140k on 12/02/19 DOM 57
(3bed 1bath 1,045 Sqft Fully Renovated $133 per Sqft)
(8) 21 Georgia Rd Sold for $142k on 07/24/19 DOM 130
(3bed 1bath 950 Sqft Fully Renovated $149 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.