Asking $45,000
Est. Repairs $50,000 *
Est. Repaired Value $150,000 **
Potential Gross Profit >>>>$55,000<<<<
INVESTMENT OPPORTUNITY!!!
Ranch style home in quiet street with long driveway, and full basement. Home is currently a 2bed – 1bath house with 1,146 Sqft of living space which can be easily converted into a 3bedroom house. Home sits on a nearly 1/2 acre lot and comes with public water and sewer, also as per FEMA it is NOT in flood area. Home needs about $50k to Flip for a nice profit or you plan on keeping it as a rental then it will need about $30k to get rent ready. Homes in the area rent for approximately $1,200 – $1,300 per month and taxes are only $1,418 per year as per city Tax records. Below is a break down if you decided to rent it.
Gross Income – $14,400
Taxes – $1,418
Insurance – $800
5% Vacancy – $720
Net Income – $11,462
ROI – 15.28% (Return on Investment includes acquisition + $30k worth of work)
Note: Based on comps below the average property sales for about $132 per Sqft. The subject property has about 1,146 Sqft of living space. $132 x 1,146 Sqft = $151,272 Est. Value
Comps:
(1) 1148 Louis Dr Sold for $115k on 08/10/18 DOM 10
(2bed 1bath 912 Sqft Outdated $126 per Sqft)
(2) 530 Richard Dr Sold for $128k on 07/15/18 DOM 47
(3bed 1bath 1,008 Sqft Outdated $127 per Sqft)
(3) 1102 S. 2nd St Sold for $131k on 05/17/18 DOM 64
(2bed 1.5baths 1,032 Sqft Outdated $127 per Sqft)
(4) 3 Oriole Way Sold for $134k on 07/10/18 DOM 37
(3bed 2bath 1,152 Sqft Renovated $116 per Sqft)
(5) 209 S. 14th St Sold for $138k on 07/18/18 DOM 6
(3bed 1.5baths 1,276 Sqft Updated $108 per Sqft)
(6) 608 Whitall Ave Sold for $153k on 01/11/19 DOM 36
(3bed 1.5baths 936 Sqft Renovated $163 per Sqft)
(7) 1109 Louis Dr. Sold for $169k on 12/21/18 DOM 107
(3bed 1bath 1,044 Sqft Renovated $161 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.