Asking $60,000
Est. Repair $45,000 *
Est. Repaired Value $155,000 **
Potential Gross Profit >>>>$50,000<<<<
PRICED TO SELL! Colonial in Lower Vailsburg located across the street from Northstar Academy charter school, close to Vailsburg Park and convenient to bus line and Garden State Parkway. Has aluminum siding, newer roof, enclosed porch, nice layout, part finished basement, full attic and deep lot. Needs approximately $30k in repairs to get rent ready or about $45k to flip. Homes in the area rent for approximately $1,450 – $1,550 per month and TAXES are about $4,282 per year. Below is a quick analysis if you wanted to buy and hold as a rental.
Gross Income – $17,400
Taxes – $4,282
Insurance – $800
5% Vacancy – $870
Net Income – $11,448
ROI – 12.72% (Return on Investment includes acquisition + $30k worth of work)
Comps:
(1) 59-61 Lenox St Sold for $175k on 7/17/18
DOM 11 (4 bed, 1.5 Bath 1,470 Sqft) (UPDATED)
(2) 108 Norwood St Sold for $155k on 10/02/18
DOM 8 (3 bed, 1 Bath 1,164 Sqft) (RENOVATED)
(3) 160 Sunset Ave Sold for $160k on 07/18/18
DOM 143 (3 bed, 1.5 Bath 1,152 Sqft) (UPDATED)
(4) 82 Carolina Ave Sold for $160k on 11/16/18
DOM 63 (3 bed, 2 Bath 1,192 Sqft) (RENOVATED)
(5) 28-30 Melrose Ave Sold for $163k on 9/07/18
DOM 142 (3 bed, 1 Bath 1,490 Sqft) (AS-IS)
(6) 99-101 Pine Grove Ter Sold for $168k on 09/28/18
DOM 144 (3 bed, 2 Bath 1,404 Sqft) (UPDATED)
(7) 317 Chapman St Sold for $169k on 11/16/18
DOM 85 (3 bed, 1.5 Bath 1,447 Sqft) (AS-IS)
(8) 162 Isabella Ave Sold for $173k on 09/12/18
DOM 45 (3 bed, 1.5 Bath 1,574 Sqft) (UPDATED)
(9) 23 Finlay Pl Sold for $175k on 06/19/18
DOM 21 (3 bed, 1 Bath 1,302 Sqft) (RENOVATED)
(10) 95-97 Lenox St Sold for $180k on 08/23/18
DOM 23 (4 bed, 2 Bath 1,936 Sqft) (RENOVATED)
(11) 15-17 Ricord St Sold for $175k on 11/21/18
DOM 66 (4 bed, 1 Bath 1,434 Sqft) (AS-IS)
(12) 86-88 Scofield St Sold for $190k on 11/05/18
DOM 103 (3 bed, 1.5 Bath 2,400 Sqft) (AS-IS)
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.