Tenanted Rental or Quick Flip 75407
Pear Cir, Princeton
Price: $89,000
Rehab: $0 for keeping tenant or $18,000 for flip
ARV: $145,000--two best comps are $118K (not the best shape) and $165K (good shape)
Rent: $900/mo currently, $11-1200/mo market
Manufactured home on over an acre in Princeton, right near the lake. It is a 3/2 1680 sqft house which has had a tenant for 6 years at $900/mo, which isn't a great rent, but the perk is that he is responsible for ALL rehab/maintenance on the property--so a very worry free situation for a buy/hold deal. Tenant is month-month (has been for 5 years), so this could also be a flip situation, which would put it at 73 cents on the dollar!
Rehab: If you wanted to flip it, it would need some new flooring, subflooring, minor kitchen/bath updates and a new coat of paint on the trim and deck.
Full rehab breakdown, comps, and photos available.