Fourplex Fixer in Port Orchard, WA; water view: $145K ask, $150-175K rehab, $380K+ ARV based on 7% cap This is an exciting fourplex opportunity in Port Orchard, WA in Kitsap County - 1-1.5 hours from Seattle via car or ferry) which is in the middle of a complete rehab. An excellent value-add opportunity for a flip or long-term hold with great cash flow. For-sale, asking price $145k or best offer. Estimated $150-175K rehab (with a GC), $380K+ ARV. Not financeable with traditional bank loans due to mid-rehab state. 6 bedrooms, 4 bathrooms. 3908 square feet. Original year built is 1935. Underwent a renovation in 1973. The current rehab project was started by the previous owners but unfinished. Two of the units have water views. Quiet neighborhood with a good rental demand, given that it’s a 15 minute drive from Navy base in Bremerton and a 6 minute walk to the Annapolis Foot Ferry Dock. There are also two smaller lots (one on each side of the property) which are included in the sale; possibility of subdivision should be considered. The main work to be done includes insulation, drywall, finish work, and sprinklers. Inspection and GC estimates are already done and are available for review. Rehab cost based on several GCs’ bids. Electrical and plumbing rough in is checked off. Framing should be once fire sprinklers are installed. Repair costs lower if you can do or sub out any of the work yourself. Buyer to verify all information.
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