This investment property is located in a convenient area near the center of Burlington City. It is a great property for a profitable fix and flip or rental.
The Numbers:
Buyer’s Estimated Expenses
Estimated Repair Costs:
Roof Replacement – $3,500
Interior Paint Job – $3,000
Landscaping – $1,000
Sidewalk – $1,590
Foundation Water Proofing – $4,000
Refacing Kitchen Cabinets – $1,800
New Kitchen Appliances – $1,500
Kitchen Counters – $2,000
Bathroom – $3,200
Bathroom – $800
Total: $25,890
Closing Costs: $2,400
Holding Costs: $2,400
10% of ARV Hedge Expense: $2,500
Selling Costs: $5,437
Projected Proft: $18,000 (16.5% ROI)
Passive Income Rental ————————————————————————————-
Wholesale Price: $48,400
Rehab Cost: $25,890
Estimated Closing Costs: $2,400
Total Initial Investment: $76,690
Rental Cash Flow (Yearly) – Cap Rate: 14.2%
Rental Income @ $1,575/mo : $18,900
Vacancy/Maintenance (1 month rent) : $1,575
Leasing Commissions (1 month rent every 5 years): $350
Estimated Insurance: $800
Estimated Taxes: $3,736
Property Management Fees (8%): $1,512
Total Yearly NOI: $10,927
The offering price includes paying the back taxes of $6195.88