Wholesale property Ferndale Metro Detroit Michigan ARV $110K price $32K

[Scott McMahan]

Just got this under contract to purchase - must close before July 31. 
Address: 206 Farmdale, Ferndale, MI 48220

approx 1100sf, 3/1 bungalow with basement. 

extensive work needed: extensive drywall repairs, new plumbing, electrical, kitchen, windows, siding, furnace, A/C, ducting, landscaping, some flooring (wood floors everywhere but kitchen, dining room, and upstairs can be reconditioned).

It does have a new dimensional roof in 2012. Structure is sound with no issues. It does need everything else!

ARV: $105,000-115,000 without garage, $115,000-130,000 with 1car or larger garage added.

Comps:

260 Farmdale 1056sf 4/1 2 car garage sold 129K DOM: 8

307 Farmdale 1006sf 3/1.1 w car gar sold 129,900 DOM: 10

331 Adams 1100sf 3/1.1 no garage sold 122,500 DOM: 3

410 W Chesterfield 913sf 3/1 no garage sold 119,900 DOM: 7

435 Flowerdale 918sf 3/1 no garage sold 107K DOM 91 (occupied)

321 Gardendale 1091sf 3/1 no garage sold 106K DOM 69 (occupied)

There are not enough professionally "wow-factor" rehabbed homes available in Ferndale. Would also make an excellent rental.

Selling price: $32K including wholesale fee. Will co-op if you bring a buyer.

Thank you,

Scott McMahan

248-904-8727