Asking $69,000
Est. Repair $45,000 *
Est. Repaired Value $195,000 **
Potential Gross Profit >>>>$81,000<<<<
BIGGER THAN IT LOOKS. Awesome 3 bedroom 1 bath ranch style house siiting a stone’s throw from CULVER LAKE!! Has lots of charm. Sits on a 70×135 Lot. House is on public water, private septic, and oil heat. Oil tank is above ground in the basement. Property can be either flipped for a nice profit or rented for a passive income. It will need about $30k in updates to have it rent ready, or about $45k to flip it. Homes in the area rent for about $1,400 – $1,500 per month, taxes are about $3,103 per year. Below is a break down if you decided to rent it.
Gross Income – $16,800
Taxes – $3,103
Est HOA – $900
Insurance – $800
5% Vacancy – $840
Net Income – $11,157
ROI – 11.26% (Return on Investment includes acquisition + $30k worth of work)
Comps:
(1) 12 Forest St Sold for $185k on 06/19/17 (2 bed 1bath 972 sqft)
(2) 7 Forest St sold for $191k on 07/14/17 (2bed 1bath 596 sqft)
(3) 20 Stehr St Sold for $225k on 04/23/18 (2bed 1bath 860 sqft)
(4) 14 Orchard St Sold for $242k on 06/28/17 (3bed 2bath 1,832 sqft)
(5) 29 Mountain Ave Sold for $255k on 09/15/17 (3bed 2bath 1,113 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.