4500 Pioneers Blvd Lincoln Nebraska wholesale deal
We put a property under contract that is an up/down duplex. It is a foreclosure, and the bank had it stripped to the studs. We are getting ready to close on it, but would wholesale it for $59,000.
ARV is conservatively $131,000 with rehab costs being $44,340. Buyer profit would be $20,000 with 6% realtor commissions factored in. I say $131,000 conservatively as that is the comp price for an SFR not a duplex.
Rents for a three bed in that area is $950 and a two bed daylight basement $600.
For a buy and hold rehaber, taxes are $2099, insurance $1500, 5% maintenance, $400 utilities, property mgmt 10%, and 5% vacancy would give you an NOI of $10,881 and a cap rate between 10 and 11%.
If you do it yourself you may even want to make it a tri-plex with the third being an efficiency on the first floor, which would rent for $400-475/mo.
I can be contacted at [email protected] or check it out on our facebook page turrisgroup.
