Midwest *Ground-Up* Turnkey #14

[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

Details: 2 car garage, built 1900. Closing date: Jan. 30,2016 

• Price: $58,000
• Rehab: $27,000
• Carrying Costs: $1,000
• Closing Costs: $2,000
• Total Turnkey Price: $88,000
• ARV: $90,000 

Trulia

Pictures-pending

Scope of Work

Tenant Criteria and In-house Property Management

Rental Projections

• Monthly Rent: $1050
• Taxes: $77
• Management: $84
• Vacancy Reserve: $53
• Insurance: $70
• Maintenance Reserve: $53
• Net: $715
• Monthly x 12: $8,575
• Strictly Cash on Cash ROI: 10.09%

Financed/Refinanced 75%

• Down Payment: $21,250
• Mortgage Interest Rate: 5%
• Mortgage Amortization: 25
• Mortgage Monthly Payment: $372.68
• Net Cash Flow Less Mortgage: $341.94
• Net Net x 12: $4,103
• Financed Cash on Cash ROI: 19.31%

COMPS

804 W 14th St ~ Sold $80K 4/15 (45.82)

• 4 bed/ 1 bath 1746 sqft
• 2 story frame built 1910
• No garage/ full basement
• .4 miles away

2309 Scott St ~ Sold $90K 5/15 (56.25)

• 3 bed/ 2.5 bath 1600 sqft
• 2 story frame built 1925
• 2 car garage/ full basement
• .85 miles away

2031 N Harrison St ~ Sold $80,500 4/15 (63.78)

• 3 bed/ 1.5 bath 1262 sqft
• 1.5 story frame built 1910
• 1 car garage/ partial basement
• .9 miles away

Comps on a Map: