40% return!! 1050 W Francis St Ontario, CA 91762 *Development*
1050 W Francis St Ontario, CA 91762 *Development*
The property is actually 70,224 sq ft lot (1.62 acres). After speaking with the city directly they have also informed us that they have the lot size at 1.62 acres. Obviously, nothing is set in stone till you get approval from the city but they said that 8 homes can be built on this lot, this is what their current zoning requirements state as long as there is a private road on 1 side of the lot and engineering must approve. There is currently a 1300 sq ft home on the lot that you can rent out while you are waiting for you plans to get approved. The other great thing about having a home already on the lot is that the property has Utilities ran to it, making rehab a lot less. Also below you will see other Active listings and sold comparable's for land. You are not going to find a better deal sold or Active for land. The play here is to build 8-2000 sq ft homes that will sell for 550k each (comps below). Hurry this one will go QUICK! Please let me know if you are able to make it out ASAP.
Purchase Price 850k
Rehab 300k Each-2.4 million Total (8-2000 sq ft homes)
ARV 550k Each- 4.4 million Total
COE 6/2/2017
Deposit 50k