Newport News VA - Fix & Flip Wholesale Deal

[Rodney Bowden]

I'm wholesaling the contract on 5004 Roanoke Avenue in Newport News for $61,000. Property is 3BR/ 2BA Rancher, 1,288 Sq Ft Built in 1940 . The repairs are less than $45,000 (see my walk through notes below). The ARV is $155,000. My ARV is based on the comps listed below, please notice that the most relevant comp is 5200 Roanoke Ave. which sold for $185,000, which is a renovated rancher about 200 sq. ft larger just a few doors down on the same street (Owner says they closed this Monday October 30th).

This is a straight forward bread and butter flip and should go pretty fast.

Please let me know if you are interested. My number is 703-254-6937

Below is the MLS Listing, Photos, My Walk Through Inspection Notes and the Comps.

Click on link below

MLS Listing & Photos

I'm selling Notes From My Walk Through:

3/2 1,300 sq. ft Rancher

> Quite street but commercial factory one block away.
> Nice deep back yard
> Front yard will be appealing with some landscaping
> Need 12 windows
> Has metal siding that is in good shape. Power wash or paint
> No exterior cracks in the foundation
> Large detached 2 car garage with power
> Both garage and house need new roof
> House also needs minor gutter repair
> Garage needs doors and exterior painting
> House needs HVAC and ducts
> House Needs updated electric panel box

> Lots of open space with 2 full baths. It's a blank slate

> No cracks in the interior plaster/drywall
> Hardwood floors under the carpet
> Painted plank paneling in the living room, kitchen, dining room and master bedroom
> Has master bedroom and bath

> Master bath has already been updated with tile floor and newer shower surround
> Complete rehab needed for kitchen and hall bath

> Minor rehab of master bath

Comps Map: click on link below

COMPS MAP

Comps:

> 5200 Roanoke Avenue: A few doors down on same street. Property closed this Monday Oct. 30th. Final Sales Price was $185,000.   Renovated and about 200 sq. ft larger than 5004 Roanoke Avenue.

> 1006 Temple Lane: Renovated rancher about the same size as 5004 Roanoke Avenue. Sold Price is $159,000.

> 906 Russell Court W: Renovated rancher, with NO garage and smaller than 5004 Roanoke Avenue. Sold Price is $140,000.