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Updated about 9 years ago on .

User Stats

30
Posts
2
Votes
Marie McLean
  • Real Estate Investor
  • Cobourg, Ontario
2
Votes |
30
Posts

Midwest *Ground-Up* Turnkey #15

Marie McLean
  • Real Estate Investor
  • Cobourg, Ontario
Posted

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only (not a flip)

  • 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: no garage, built 1900. Closing date: 1/29/16

  • Price: $31,500
  • Rehab: $28,500
  • Carrying Costs: $1,000
  • Closing Costs: $2,000
  • Total Turnkey Price: $63,000
  • ARV: $65,000

Trulia

Rental Projections

  • Monthly Rent: $775
  • Taxes: $99
  • Management: $62
  • Vacancy Reserve: $39 suggested
  • Insurance: $70
  • Maintenance Reserve: $39 suggested
  • Net: $467
  • Monthly x 12: $5,603
  • Strictly Cash on Cash ROI: 9.34%

Financed/Refinanced 75%

  • Down Payment: $15,000
  • Mortgage Interest Rate: 5%
  • Mortgage Amortization: 25
  • Mortgage Monthly Payment: $263.07
  • Net Cash Flow Less Mortgage: $203.89
  • Net Net x 12: $2,447
  • Financed Cash on Cash ROI: 16.31%

COMPS

717 17th Ave Moline ~ Sold $72,000 8/14 (68.25)

  • 2/1.5 1055 sqft
  • 1.5 story frame built 1900
  • 1 car garage/ basement
  • 1 mile away

516 18th Ave Moline ~ Sold $74,000 3/15 (60.36)

  • 3/1.5 1226 sqft
  • 2 story frame built 1910
  • 2 car garage/ basement
  • 1 mile away

148 15th Ave Moline ~ Sold 61K 10/15 (74.75)

  • 2/1 816 sqft
  • 1 story frame built 1944
  • garage/unsure of basement
  • .7 miles away

116 18th Ave Moline ~ Sold $61,890 1/15 (90.22)

  • 2/1 686 sqft
  • 1 story frame built 1948
  • unsure of garage/ basement
  • 1.3 miles away

Comps on a Map

Offering