Seller received 4 estimates from GC's at $49k, $55K, $57K, and $71K. Property is full gut. 4-5 floor joists to be replaced. Here are the rough figures: (These are rough not actual figures) $35k purchase + $1,000 closing cost + 4 months holding cost $2,000 = $38,000 + $60,000 average reno cost = $98,000 ALL IN. Property comps at $135k - $140k. Rents at $700 per unit = 1.4% ROI w/ $35K min equity! Many homes on the street being renovated! 1.4% return w/ $35k-$40K EQUITY is insane in this market!
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