–4/2 West Park Home with Flip or Hold Options–
—Convert 2nd structure into Rental Studio for end user—
—12% CAP can be more with 2nd unit added—
- Asking: $205,000 OBO
- As-Is Value is: $220,000
- After Repaired Value is: $300,000
- Rehab budget is: $50,000
- Average Rent in the area is: $2,684
- Rental Cap Rate after rehab: 12.04% (owner pays taxes/tenant pays utilities)
- No HOA
House is a 4/2, 1856 sqft, built 1965 CBS, lot 8406 sqft, 1 car garage. has a 300 sqft storage/detached structure in the back, has electric running too it, could be a little mother in law suite. the 4th bedroom was built out of the back living area, originally was a 3/2. Roof needs replacement, has a few spots where the ceiling shows leaks but 2 spots where there is holes in the drywall. roof has a pitch and is good for shingles. one small section in the back is a flat roof. AC 1996, looks decent. mostly all original inside. has new exterior doors and new garage door. water heater 2011. windows are older but they all work. have one updated electric panel but 2 other old ones right next to it. not sure if these are still in use or they just never took them out.
rehab: Roof, kitchen, bathrooms, flooring, int doors/trim, paint, back structure, possible panel and AC, possible windows (not sure if its worth it in this neighborhood)
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