Sold $280,000 - House
The asking price is $209K and there is alredy a bidding war, but I have a tip for you that might make you win the bid. If you go as high as $250K and spend $50-60K in fix-up, you will be at around $300K all in. At $3000/mo income between the two units, you will be having a very nice return on your $300K investment, say about 8.4 % minimally. Plus, with that location turning as fast as it is, you’ll have nothing but upside all the way !
(All In) – Has to be All Cash (or Hard Money) Purchase
For those of you who have been looking for a great income property that ‘pencils out’, here it is!
You also need to have the skills or the wherewithal to fix it up at your own cost. But given these parameters, this has stellar potential.
Here’s the deal:
a) It will be delivered vacant.
b) I don’t think most prospective buyers are going to see it as getting the rent it actually will. The property is on the cusp of H’land Pk and Cypress Park and this location is turning rapidly. It is a 2/1 and a 4/1 that should be made into a 4/2. I have the rents at approximately $1800 in front and $1200 in back, all fixed up, and those figures are conservative.
c) Speaking of ‘all fixed up’ I have it about $50-60K to get it to tenant ready.
d) plenty of parking.
The asking price is $209K and there is alredy a bidding war, but I have a tip for you that might make you win the bid. If you go as high as $250K and spend $50-60K in fix-up, you will be at around $300K all in. At $3000/mo income between the two units, you will be having a very nice return on your $300K investment, say about 8.4 % minimally. Plus, with that location turning as fast as it is, you’ll have nothing but upside all the way !
