Updated about 7 years ago on . Most recent reply
Purchase on Land Contract, Convert to Condo's make $46K
A nicely remodeled duplex with 3 bedrooms and 1.5 bathrooms located near downtown Ann Arbor.
Each unit offers 3 spacious bedrooms and 1.5 bathrooms. The duplex boasts a recently renovated kitchen that features new granite counter tops and cherry cabinets. The kitchen also offers new stainless steel appliances as well. Re-done hardwood floors run all throughout the space. Additionally, this duplex offers an in-unit washer and dyer, an outdoor patio with a backyard, and parking spaces in the driveway out front.
The duplex is located in a cul-de-sac in the desirable Old West Side neighborhood just a short distance from downtown Ann Arbor. You're just a short drive from the YMCA, downtown Ann Arbor, Kerrytown, and the University of Michigan's Central Campus.
Based on $555,000 price;
Down payment = $110K
Condo conversion = $2.5K (BTW, I was talking to some folks, we can get this for less)
Unit Upgrades = $6K
Monthly Payments (6 mths) = $9K
Sale price $658K ($329K each), net $605.36
Profit = $605.36 - $550 -$2.5 - $6K = $46.86 in 6 months (that's a return of 35% in 6 mths, $46.86/$132.5K cash-outlay)
Email or call right away!