INVESTOR ALERT!!!
Massive colonial with very low price tag on a SELLERS MARKET!
Asking $69,000
Est. Repairs $70,000 *
Est. Repaired Value $195,000 **
Potential Gross Profit >>>>$56,000<<<<
House consists of 3 bedrooms, 1.5 baths, about 2,460 Sqft of living space and a huge driveway. Perfect deal for you to either FIX & FLIP or FIX & RENT for a passive income return. House will need approximately 70k worth of updating throughout including a Septic that may or may NOT need to be changed ($70k includes a budget for septic). You can also get it rent ready with about $35k worth of work. A home with this much to offer can easily rent for about $1,400 – $1,500 per month. Taxes are approximately $5,372 per year.
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $16,800
Taxes – $5,372
Insurance – $800
5% Vacancy – $840
Net Income – $9,788
ROI – 9.41% (Return on Investment includes acquisition + $35k worth of work)
Note: Based on Comps below the average property sales for about $107 per Sqft
The subject property has about 2,460 Sqft.
$107 per Sqft x 2,460 Sqft = $263,220 Est. Value
Comps:
(1) 420 Lumminstown Rd Sold for $115k on 10/18/19
(2bed 1bath 996 Sqft Updated $115 per Sqft)
(2) 435 Main St Sold for $120k on 11/07/19
(3bed 1bath 1,696 Sqft Outdated (Very Old House) $71 per Sqft)
(3) 138 Maple Ave Sold for $125k on 11/27/19
(3bed 2baths 1,945 Sqft Outdated $64 per Sqft)
(4) 594 Main St Sold for $135k on 08/15/19
(3bed 1.5baths 1,452 Sqft Fully Renovated $93 per Sqft)
(5) 375 Sayres Neck Rd Sold for $186k on 03/20/20
(3bed 2baths 1,413 Sqft Fully Renovated $131 per Sqft)
(6) 645 Lumminstown Rd Sold for $190k on 12/12/19
(3bed 1.5baths 1,092 Sqft Fully Renovated $173 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.