Easy Flip or Owner Finance Deal in Lancaster, Tx
I know this deal doesn't follow the standard rules regarding an investment property but it's a quick and easy way to make some money:
643 N. Bluegrove Rd. Lancaster, Tx 75146 Do not disturb occupant
Contact Heather at [email protected] for details. Price $192,000, Appraised as is @ 220,000. Repairs < $10,000 Make a few updates and get $250,000+
$3000 Nonrefundable Deposit
Photos https://www.dropbox.com/sc/45ocucble3j657f/AAD0ksJfzVZaeJueWD6jlER3a
Showing tomorrow July 23 @ noon. Contact me for details.
Great flip or owner financed property! The sellers' buyer backed out the day before closing (due to medical issues) and they're selling at a deep discount so they can move before the school year starts. Property appraised by the bank at 220,000 in its present condition but a few additional upgrades would bring much more! 2 houses sit on 1.67 acres. The main house is 4 bedrooms/ 2 baths, 2,436 sq. ft. Built in 1984. It features premium doors, lighting, stainless steel appliances, and granite countertops. The guest house is 900 sq. ft. and has a small kitchen, bath, and open floor plan. That's a total of 3,336 livable sq. ft with an oversized 2 car garage!
In order to increase the value, you only need to add some finishing touches to the guest house kitchen (1K), minor drywall and paint in guest house (1K), add some carpet to the guest house and replace in 2 bedrooms (1k), replace 1 broken tile (the sellers can tell you where to get it) and put in a privacy fence around the front area only (5K). All in all, I don't see any way for an investor to spend more than 10k on repairs and it should take less than a week.
When running your own comps, don't use houses in subdivisions. Anything in this area with land sells for significantly more. Since there aren't as many, we had to go back a year.
Address Sq. ft. Bed/Bath Year Built Sales Price Date Sold
864 Nokomis Cir. 3348 4/3 1992 260,000 6/17/2014
177 N. Bluegrove 3138 5/3 1992 259,000 11/22/2013
3031 S. Houston 2578 3/2 1987 245,000 7/31/2013
866 Truman Cir. 1408 3/1 1963 180,000 8/13/2013