WHOLESALE: Middleton, MA MFR (great condo conversion)

[Tim Wilkinson]

This property is ripe for a condo conversion, but also a good buy/hold investment. It can be rented as-is right now for $3,800/month. . The first CMA I received from a realtor showed the following:

Unit 1: $225,000

Unit 2: $225,000

Unit 3: $275,000

Total= $725,000

Rehab for C finishes - $60,000 Rents would be 1200, 1200, and 1850 = $4,250 gross

Rehab for B finishes - $90,000 Rents would be 1400,1400, and 2,000 - $4,800 gross

There are not a lot of rentals in town. There are almost zero condos that are not in a mid-rise condex with high HOAs. 

Finished condos with B finishes sell from $250-300/square foot.

Condo docs, master deed, survey not included in estimate, but will be as much as $10,000 unless you are networked with someone who will do them for less.