I have a 6 BdRM 3 BA 3 Story brownstone that is need of a total Rehab. We estimate about $100K investment but this can we scooped up at 50-65% of After Repair Market Value. Comps are selling from $330-400K! Sold Comps are between $308 -340K. Major development area, everyone wants to move in to this area and there are not alot of ones like this property left. Close to the SugarHouse Casinos on Delaware Ave. If anyone is interested in learning more about this opportunity, please email me marisa@chameleonventures.net I have pictures and am working on specs.
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Hi Joel,
The property would be a great INCOME / cash flow property with $100K investment for the rehab. With $100K my team estimates that 2-3 units could be configured in this space. With less, you could easily update this to a single family dwelling for a flip. If you can get the property for 100K, put 100 into it and then flip it for 300-340K (or more after you hold on to it for a while collecting rent) you got between 50-60% ARV...
Joel Kraut said:
Thanks for the correction, what I meant to type is that there are homes up and down the block currently on the market (comparable to this unit but not yet sold) that are going for anywhere between $340-400K and comparable properties that have SOLD within the last 6 months for between $308-340K. The unit I have has endless possibilities but would work best for good rent roll/cash flow converted to a 2-3 unit building. The yard goes back to the street behind the house- very large. I have a team there that takes pictures of ALL areas with our units and puts together a statement of work for the entire rehab.
I have 4 others that you might be interested in as well since this posting. Let me know what you tend to specifically look for. I have 1 in Northern Liberties, 1 in N. Temple Univ area and a newer one I'm trying to get under contract at Girard & Belmont 5 Bedrooms and 3 baths, just waiting on comps before I scoop that one up as well as some others.
Marisa
Marisa, this could have potential but your numbers are all over the place. You say comps are selling for 330-400, and next sentence you say 308-340 K , what is a realistic purchase price, I can figure the rest from there
Tim Onley
267-736-9566
to.homeloans@gmail.com
Marisa,
I have done two rehab/flips in Fishtown. I am interested in learning more. But 50-% of ARV and I have to put $100K into it? How will that work?
Thanks,
Joel