good property for the rehab buyer looking to make a nice flip profit - or fix up, lease it out and pull your cash out in a refi and hold for income. home needs mostly cosmetics. Needs interior paint, floor coverings, bath update, & plumbing update. Good roof, exterior is in good shape, nice porches front & rear, new gas furnace, updated elec., nice 2 car garage, it’s a nice solid home with alot of appeal and will be a real winner after a little fix up. Cash deal of $38K takes it! Sold for $67,200 last summer (Aug. 2006) Assessed Value = $63K
Not sure as a rental its close after work is done will rent for 700 per month will flip for 20k gross
dw,
I’m having a little trouble understanding the situation. If you are saying that you would be selling a $67,000 house for $38,000, then it might be a good deal for a rehabber IF the rehab costs are low. If you’re saying that you would pay $38,000 and then try to add $20K and flip it, it doesn’t sound even close to a deal from the rehabber’s standpoint.
The same is true for the property as a rental. You could certainly sell this property to many landlords at $38,000 (if the rehab isn’t too extensive). You could even sell this property to many newbies at $58,000 if the rehab is minimal. Personally, I would not buy it at either price due to cash flow considerations. However, most rentals are sold at near retail prices to new investors who will rapidly fail.
Good Luck,
Mike
Yes that is the situation. I wanted some opinions on this deal I forgot to mention that it needs 4-6k in repairs to make it saleable at around 60k. It will rent for about 700 but could be flipped for 20k. You pretty much answered my thoughts. It would be best for a flip.
Thanks