Rancher in need of some TLC located in Chelsea Heights section. House features 2 bedrooms, 1 bath, laundry hook up and HVAC system already in property. House will require flood insurance and only needs to be lifted if repairs exceed $36,350 as per city guidelines. House would need new kitchen, carpet, bathroom, paint and some siding on the side of the house. Roof looks to be in decent shape, however roof located above the front entrance will need to be patched up. House is assessed at $217,600 with taxes of $7,446 per year (which can be appealed). House can rent for about $1,100 – $1,200 per month with about $15k worth of work. Property will need about $30k worth of work in order to flip it.
Gross Income – $13,200
Taxes – $4,500 (Approximately If appealed)
Insurance – $900
5% Vacancy – $660
Net Income – $7,140
ROI – 17% (including $15k in repairs)
CALL OR TEXT JOHN JARAMILLO
FOR MORE INFO AT
908-759-3161
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 908-759-3161. 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.