Great area to flip this 2 bedroom, 1 bath 1,022 sq. ft. Bungalow built in 1928. Full unfinished basement, 2 car detached cinder block built garage, that has newer roof and decking. Hardwoods believed to be throughout, with dated kitchen and bath that needs work and some ceiling repair from leaking roof. RepairsSee attached Quote: Needs roof, windows & gutters see attached quote at $8,103 (would only repair, clean & paint exterior siding) Estimate an additional $14~16,000 for interior wall & ceiling repair & paint, refinish flooring and complete new kitchen and reconfigure and replace bath. Possible to replace H20 heater and replace plumbing with PEX. There is older but working HVAC and has upgraded 200 amp service with breakers.Estimated at $22~24,000 Total depending on how you finish. Rents/Cash Flows*BLC/MLS-RealList shows Rents at $650 for 2 Bedrm*FinestExpert.com places rents at $685 with a range from $595715*Rent-O-Meter.com shows 36 rentals within .40 mile radius -Rents average $587/mo, for 2 bedroom *Zillow shows a staggering Rent of $895 *Section 8 using 10/01/12 FMR standards yield $572. Using a blended rate from 6 sources' a possible projected cash flow would be $675/mo. wo/PI and this would yield a possible monthly cash flow of $292/mo. Additional Description*2013 Net Assessed Tax Value shows $88,500, via RealListYou may want to use www.AppealTaxes-NOW.com to get tax vale reassessed. Today's market conditions ARV's often difficult to interpret and are highly subjective. Using Real List from the BLC comparables it is noted that there Is a low of $54,000 to High of $93,000 with average of $77,500 Depending on your rehab finish, without reconfiguration of bath that we see as issue we would place Market at $69,900 and with reconfiguration would place at $74,900 for conservative numbers that would be below average for the area according to the BLC. This is a Flip with Property that is owned in a partnership with both parties being, Licensed Brokers in the State of Indiana that are acting as Principles in this transaction, property is NOT listed on the BLC. Please make sure to DO YOUR OWN DUE DILIGENCE BEFORE you make ANY offer.
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.
