SUPER CHEAP EASY FIXER UPPER & INSTANT $800/MONTH CASH FLOW ########################################################################################################################## IMPORTANT NOTE: This is a property with a two-year tenant paying $800/month in rent and who has an option to purchase the property for $60,000. According to the mortgage broker, the tenant is going to need more time to get a mortgage but I need to sell the property now. You are welcome to drive by the property at 3802 E. Deshler Avenue, Columbus, Ohio 43227 to view it from your vehicle and to see the neighborhood, but PLEASE DO NOT GO ONTO THE PROPERTY OR KNOCK ON THE DOOR AND DISTURB THE TENANTS! I will be happy to schedule an inspection after we talk about the property and I answer any questions you have. ########################################################################################################################## I’m a motivated seller with a light fixer upper home and I’m ready to deal. I will remove the ad immediately once the property is sold, so the house is still available if this ad is still up. This east-side home is a 3-bedroom, 1-bathroom ranch-style house that was completely remodeled in 2014 and is located just minutes from the I-70/I-270 and I-70/SR33 interchanges as well as downtown Columbus. It doesn’t have a basement or a garage, but it offers off street parking in the driveway and a fenced back yard. The home is located on a cul-de-sac and has an eat-in kitchen, tiled flooring throughout, ceiling fans, spacious closets in each bedroom, a stove, a refrigerator and a first floor laundry closet with washer/dryer hook-ups. Although the outside needs new siding and a small window will need to be replaced eventually, overall the house is in decent shape. The inside was remodeled in 2014 and received new flooring, fresh paint, re-finished kitchen cabinets and updates to the furnace and hot water heater. The estimate for the total cost of the siding, one window, some painting touch up and minor cosmetic repairs is under $5,000. Obviously this would be less if you are a contractor and do the work yourself. The house is currently rented at $800 per month to a tenant and her mom who have lived there for almost two years and really want to buy the home because it fits their specific needs. The gross annual rent is $9600 and represents a 20% annual gross return on investment, even including rehab costs. Under the rental agreement, the tenant takes care of all individual repairs under $500. In fact, this requirement is written into the lease. If the tenants don't take care of minor repairs and ask us to do so instead, the rent permanently increases to $900/month. The current lease expires on May 31, 2017 but the tenant is willing to sign another one year lease. According to rentometer.com, the average rent for the area is $906 for a three-bedroom home. The Zillow Zestimate is $65,590 and the high comps in the area go up to about $70k. If you want to live in the house yourself instead of keeping it as a rental property, you will not be able to move in until after May 31, 2017. Since I'm a motivated seller and I'm selling the house for sale by owner at a huge 20% discount even after adding in the rehab costs, this must be an all cash sale and you must be able to close quickly. In other words, I do not sign purchase agreements that are contingent on financing and you must be able to provide proof of funds before we sign a contract. Also because of the low price, I cannot offer seller financing like a land contract, lease option or rent to own. By the way, please understand this is not a property for wholesalers. If you are looking to wholesale this deal to someone else, this is not a good fit because I only work directly with cash buyers and I don't do assignment agreements. If you are interested in the property, please call or text me anytime at 614-420-2035.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
