Asking $43,995
Est. Repair $70,000 *
Est. Repaired Value $165,000 **
Potential Gross Profit >>>>$51,000<<<<
INVESTOR ALERT!!!
Ranch style home with full basement and attached converted two car garage that can be converted back. Home is currently a 2bed – 2bath house with 1,484 Sqft of living space. Which means you can easily add an extra bedroom and make it into a 3bed house. Situated close to route 40, 47 & 55, in need of rehab throughout. Home is on well and septic, no information available regarding the septic condition. Estimate of $70k includes $20k budget for the septic that may or may NOT need to be replaced. Home can also be a great rental with about $40k worth of work. Taxes are approximately $5,457 per year and homes in the area rent for about $1,500 – $1,600 per year. Note rent estimate is based on a 3bedroom house. Below is a break down if you decided to rent it.
Gross Income – $18,000
Taxes – $5,457
Insurance – $800
5% Vacancy – $900
Net Income – $10,843
ROI – 12.90% (Return on Investment includes acquisition + $40k worth of work)
Comps:
(1) 231 New York Ave Sold for $147k on 12/14/18 DOM 80 (3bed 1bath 1,008 Sqft)
(2) 292 New York Ave Sold for $155k on 12/07/18 DOM 14 (4bed 1.5bath 1,152 Sqft)
3) 313 New Jersey Ave Sold for $155k on 09/201/8 DOM 7 (3bed 1bath 1,136 Sqft)
(4) 191 Grubb Rd Sold for $169k on 07/31/18 DOM 149 (3bed 1bath 1,008 Sqft)
(5) 56 Malaga Tr Sold for $179k on 12/03/18 DOM 119 (3bed 2bath 1,140 Sqft)
(6) 3407 Hill St Sold for $195k on 10/18/18 DOM 146 (3bed 1bath 1,448 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.