Asking $45,900
Est. Repair $40,000 *
Est. Repaired Value $140,000 **
Potential Gross Profit>>>>$54,000<<<<
House may require minimal flood insurance, currently on a 100 year old flood plain. This house is eligible for USDA lending which means it can qualify up to 100% financing. This is good because it opens up your buyer’s pool to not just only FHA and Conventional borrowers. House will need some updating if you plan on flipping it, but can be also rent ready with about $20k worth of TLC. Homes in the area rent for about $1,100 – $1,200 per month and taxes are only $4,910 per year. Below is a break down if you decided to rent it.
Gross Income – $13,200
Taxes – $4,910
Insurance – $800
5% Vacancy – $660
Net Income – $6,830
ROI – 10.34% (Return on Investment includes acquisition + $20k worth of work)
Comps:
(1) 25 Elizabeth Dr Sold for $117k on 12/15/17 (2bed 1bath 837 Sqft)
(2) 75 Kansas Rd Sold for $122k on 03/29/18 (3bed 1bath 960 Sqft)
(3) 41 Eaton Rd Sold for $136k on 01/17/18 (3bed 1bath 1,176 Sqft)
(4) 53 Salem Dr Sold for $137k on 03/16/18 (3bed 2bath 1,100 Sqft)
(5) 10 Morningside Dr Sold for 125k on 03/29/18 (3bed 1bath 960 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 purchasing 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.