Sacramento/Citrus Heights Flip Deal
Hi everyone,
I'm currently under contract and in escrow to purchase a property in Citrus Heights and am looking to pass it on to another investor. I'll try to be as detailed as possible but please feel free to contact me with questions. I will begin showing the property to other investors starting the 27th as we're still moving items out for the out-of-state owner.
Property Details
7253 Cobalt Way, Citrus Heights, CA 95621
3bed/1.5bath 1,162sqft
Built in 1971
Zillow Link:
http://www.zillow.com/homedetails/7253-Cobalt-Way-Citrus-Heights-CA-95621/25984249_zpid/
Property was passed down from the owner's mother but was unfortunately occupied by squatters and heavily damaged. Almost everything will need to be updated/repaired except the new HVAC, which was recently installed by owner. There is also a swimming pool in the backyard. Roof has multiple leaks.
Link to photos/video:
https://drive.google.com/drive/folders/0B4JJ3tU-bHzDNzVEY2F4ZENvdlU?usp=sharing
Rehab Estimate: $55,000
- Asphalt roofing, warped at edges
- Doors/windows/lighting need to be replaced/updated
- Plumbing repair
- Drywall repair
- Interior/exterior paint with siding repair
- Flooring and carpet
- Full kitchen gut
- Full bathroom gut + conversion of half bath into full
- Landscaping + pool repair (or removal)
ARV and Comps
ARV and comps are being based on similar properties that have 2 full bathrooms as I'm assuming the investor will convert the half bath into a full.
ARV: $260,000
Comparable sold homes:
7342 Grenola Way: 3bed/2bath 1162sqft
This property is identical in floor plan, pool, bed/bath and year built. It was rehabbed and sold in September for $265,000. Mid grade material and appliances. This is the best representation of our property's ARV (in my opinion).
https://www.zillow.com/homedetails/7342-Grenola-Way-Citrus-Heights-CA-95621/25984283_zpid/
7139 Baranga Drive: 3bed/2bath 1162sqft
Another identical floor plan,bed/bath, and build year. Except, this property doesn't have a pool and appears to have lower end finishes and appliances. Sold for $250,000 in October.
https://www.zillow.com/homedetails/7139-Baranga-Dr-Citrus-Heights-CA-95621/25984350_zpid/
6736 Tareyton Way: 3bed/2bath 1104sqft
Another identical property, with slightly less area. Also does not have a pool and materials used are lower end. Sold for $250,000 in August.
https://www.zillow.com/homedetails/6736-Tareyton-Way-Citrus-Heights-CA-95621/25984512_zpid/
Asking Price and Terms
Asking Price: $170,000
- Property to be purchased with cash. Buyer pays closing costs!
- No inspection contingency.
- $3000 non-refundable deposit due upon signing contract.
- This is a very sentimental and emotional home for the family. I promised them that I would provide photos of the finished product, so please let me know if this would be a problem.
To clarify, I'm under contract with no contingencies and have also placed my own non-refundable deposit. So, please bring your contractors,inspectors with you in person, so you can be sure you want this deal before going under contract with me. The deposit is to ensure you are serious about closing the transaction.
Disclaimer: All numbers given such as ARV and Rehab are my analysis only and should be given little weight. Please do your own research!
Thank you for your time and consideration,
Pratik Pathapati