2 separate structures. One structure has 2 bedroom, 1 bath unit and a studio. Second structure has 1 bedroom, 1 bath unit. Estimated CAP 13.3%. Estimated flip potential of 100% ROI.
Here are some facts:
Built in 1984
Corner lot 7919 sf Zoned R-3
Livable sf per county records is 1240
Nice city light views at night.
Actually has a nice sunset view as well.
CAP at 14.8% currently .... potential to go up with renovation.
The owner is responsible for water. All other utilities are paid by the tenants. There are separate electrical and gas meters.
Rent was $1425/month
2 bedroom $550
1 bedroom $525
Studio $350
Estimated rent after rehab $1650 .... Estimated CAP 13.3%
2bedroom $625
1bedroom $600
Studio $425
Estimated water exp $150
The units empty and remodel has begun..
This is an easy turn as well. Vacant property makes the rehab easy.... and by rehab we are talking very simple rehab. There is a pent up demand and list of potential tenants.
Need set: CLEAN, paint, small handyman projects.
Wholesale Price: $135k
Estimated Rehab: $5k
Estimated ARV: $195k
Escrow is open a First AZ Title, Kim Stembridge is Escrow officer (623)385-1004. First contract and $5k non-refundable deposit to title wins. GO!
See below for fun disclaimers, ESTIMATED budget, pics, and comps:
Fun disclaimers:
All Prices based on cash sale with $5k non-refundable deposit to secure property.
eIMPORTANT INFORMATION
- All properties offered are either owned or are under contract and selling equitable interest or offered in conjunction with business associate.
- One of managing members is a licensed Real Estate Agent in the state of Arizona.
- If estimated values are provided, they are based on interpretation of MLS and Tax Data.
- Hard Money Available on most transactions at range of 14-18% with 20-30% down and transaction fee.
- Price is net to seller and Buyer pays all closing cost
- Buyer agrees to double close of escrow
Investors/buyers are encouraged to conduct their own due diligence. The members of the selling entity are not tax or financial advisers. You should consult with a certified financial and/or tax adviser on any investment you are considering. Buyer pays all closing costs.
PICS:
https://www.dropbox.com/sh/r6j877len3fvlei/AAAUjZrXDqCjFP9jXyQN0pGKa?dl=0
Comps:
Estimated Budget:
| Purchase Price | 135000 | ||||||
| Front side | |||||||
| Hard Mony loan | 108000 | ||||||
| Hard money down payment | 27000 | ||||||
| Interest hard money | |||||||
| - 18% 6month term - 4 months | 1620 | 6480 | |||||
| Closing costs | 1500 | ||||||
| Remodel | 5 | ||||||
| Insurance | 700 | ||||||
| APS/Water | 700 | ||||||
| Total cash invest | 36385 | 36385 | |||||
| Total Frontside costs | 144385 | ||||||
| Backside | |||||||
| Estimated renovated sales price | 195000 | ||||||
| Realestate commission | 0.05 | 9750 | |||||
| title fees | 1500 | ||||||
| total fees | 11250 | 11250 | |||||
| total frontside costs | 144385 | ||||||
| Total Earnings | 39365 | ||||||
| ROI | 1.081902 | ||||||
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