Midwest *Ground-Up* Turnkey #11

[Marie McLean]

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only

• under contract, inspected, iron-clad rehab costed out
• buyer takes title directly for stated turnkey price
• save: only one set of closing costs
• our Scope of Work doubles as a contract
• we will tenant and manage, unless buyer prefers another arrangement

Now: 2 bed, 1 bath, 2 car garage, 880 sqft, built 1892. Closing date: 2/12/16

**Will be rehabbed to a 4 bed home at around 1480 sqft when finished**

Details:

• Price: $33,000
• Rehab: $32,000
• Carrying Costs: $1,000
• Closing Costs: $2,000
• Total Turnkey Price: $68,000
• ARV: $75,000

Zillow

Trulia

Scope of Work

Rental Projections

• Monthly Rent: $975
• Taxes: $183 
• Management: $78
• Vacancy Reserve: $49 suggested
• Insurance: $70
• Maintenance Reserve: $49 suggested
• Net: $546
• Monthly x 12: $6,555
• Strictly Cash on Cash ROI: 10.09%

Financed/Refinanced 75%

• Down Payment: $16,250
• Mortgage Interest Rate: 5%
• Mortgage Amortization: 25
• Mortgage Monthly Payment: $284.99
• Net Cash Flow Less Mortgage: $261.30
• Net Net x 12: $3,136
• Financed Cash on Cash ROI: 19.30%

COMPS

1620 12th St Moline ~ Sold 65K 11/15 (85.53)

• 2/1 760 sqft
• 1 story frame built 1911
• 1 car garage/ basement
• .8 miles away

1720 18th St A ~ Sold 69K 7/15 (71.50)

• 2/1 965 sqft
• 1.5 story frame built 1911
• unsure of garage/ basement
• 8 miles away

1050 25th Ave CT ~ Sold 78K 6/15 (86.86)

• 2/1 898 sqft
• 1 story frame built 1917
• unsure of garage/ basement
• .4 miles away

Comps on a Map