LOCATION! LOCATION! LOCATION!
Asking $105,000
Est. Repairs $75,000 *
Est. Repaired Value $245,000 **
Potential Gross Profit >>>>$65,000<<<<
Location can’t get better than this!
Property located ONLY 5 minutes from Rowan University and downtown shopping area. Perfect deal to either Hold as a rental or Flip it for a nice chunk of profit. House comes with 5 bedrooms, 1.5 baths and 1,541 Sqft of living space. The home will need updating throughout as well as the beams under the home might need to be readjusted and reinforced. To flip this property it will need approximately $75k, if you plan on keep it as a rental, it will need about $35k to get rent ready. Houses like these can be rented for approximately $2,400 – $2,500 per month. Another possibility would be to rent it by the room to college students. (Please check with town if it can be rented by room)
Below is a break down if you decided to keep it as a rental unit.
Gross Income – $28,800
Taxes – $5,800
Insurance – $1,000
5% Vacancy – $1,440
Net Income – 20,560
ROI – 14.68% (Return on Investment includes acquisition + $35k worth of work)
Note: Based on Comps below the average property sales for about $166 per Sqft
The subject property has about 1,541 Sqft.
$166 per Sqft x 1,541 Sqft = $255,806 Est. Value
Comps:
(1) 314 West Ave Sold for $179k on 12/28/20 DOM 17
(3bed 1bath 1,152 Sqft Updated No Central air $155 per Sqft)
(2) 546 Wesley Ave Sold for $185k on 10/13/20 DOM 13
(3bed 1bath 1,044 Sqft Fully Renovated $177 per Sqft)
(3) 38 Hazel Ave Sold for $198k on 11/10/20 DOM 15
(3bed 1bath 1,267 Sqft Fully Renovated $156 per Sqft)
(4) 15 Myrtle Ave Sold for $210k on 12/04/20 DOM 10
(3bed 2baths 1,380 Sqft Outdated $152 per Sqft)
(5) 342 West Ave Sold for $220k on 11/06/20 DOM 13
(4bed 2baths 1,400 Sqft Fully Renovated $157 per Sqft)
(6) 324 Harding Ct Sold for $225k on 01/29/21 DOM 120
(3bed 1.5baths 1,193 Sqft Fully Renovated $193 per Sqft)
(7) 425 Florence Ave Sold for $227k on 10/16/20 DOM 16
(3bed 1.5baths 1,225 Sqft Fully Renovated $185 per Sqft)
(8) 331 E. Holly Ave Sold for $235k on 12/30/20 DOM 15
(4bed 2baths 1,668 Sqft Fully Renovated $140 per Sqft)
(9) 220 Lexington Ave Sold for $238k on 12/18/20 DOM 13
(4bed 2baths 1,718 Sqft Updated $138 per Sqft)
(10) 19 Mount Vernon Ave Sold for $298k on 09/30/20 DOM 18
(3bed 1.5baths 1,626 Sqft Updated $183 per Sqft)
(11) 219 Crafton Ave Sold for $302k on 09/18/20 DOM 10
(4bed 2baths 1,568 Sqft Fully Renovated $192 per Sqft)
All showings are subject to the states COVID-19 orders, recommendations, guidance, and all CDC and local health mandates and/or guidance regarding showings. Please practice social distancing and wear masks
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.