Realtor · McLean, VA · Member since 2009 · 184 posts · 80 votes
I have the following deal on the table and would appreciate any feedback.
VA Owned Property in the West side of Jacksonville (32244) asking $75K for a 4/2 1900 sq. ft. The property has been vacant for 3 years and needs about 25K in renovations (paint, carpet, appliances, roof repair, etc.). A realistic ARV for this property is $125K.
I plan to rehab a retail this property in less than 3 months.
SFR Investor · Jacksonville, FL · Member since 2012 · 285 posts · 83 votes
12y
@Erik K. Greetings, any property with power off for 1+ years needs a certified safety inspection by an electrician. Good question to ask, call JEA at 904-665-6000 and ask if the property requires an inspection.
Here is some good data on the Westside of Jacksonville from the NEFAR January 2014 sales report. Gives you some idea of the values for the area, based on sales in 2014. Median rent for 4 beds is 1100, more or less depending on quality of furnishings.
SFR Investor · Jacksonville, FL · Member since 2012 · 285 posts · 83 votes
12y
@Erik K. Greetings, any property with power off for 1+ years needs a certified safety inspection by an electrician. Good question to ask, call JEA at 904-665-6000 and ask if the property requires an inspection.
Here is some good data on the Westside of Jacksonville from the NEFAR January 2014 sales report. Gives you some idea of the values for the area, based on sales in 2014. Median rent for 4 beds is 1100, more or less depending on quality of furnishings.
Realtor · McLean, VA · Member since 2009 · 184 posts · 80 votes
12y
Hey @Roy Dynesius ! Yes, the 25K is on the high side. In fact, I'm in town this week meeting with contractors and hope this project turns out to be well under budget as there doesn't appear to be any major work needed.
Thanks for sharing. I have a deal in Orange Park with similar numbers - I just put it under contract today for $66K. Is the meeting still on for 3/10 at BJ's?