Updated about 7 years ago on . Most recent reply
Wholesale Deal - Duplex in West Central!
$700 Cash Flow, Per Month! Owner Financing In Place!
$25,000 adds this deal to your rental portfolio and around $700 per month in cash flow
- Minor fixer/conversion
- Transitioning neighborhood near Kendall Yards
- Vacant
Comps
Google Map
County Info
Video Walkthrough
Previous MLS Listing
Zillow
Property:
Address:2027 W Boone Ave, Spokane, WA 99201
Purchase Price: $194,000
Rehab Costs, est: $2,000 - $5,000
After Repair Value, est: $195,000 - $215,000
Rent, est: $1,700 - $2,000. According to rentometer.com: $977 per month for a 2 bed ($1,954 total for both units)
Cash Flow, est: $650 - $800
Closing Date: Sept 24th, 2018, or sooner
Owner Financing Terms:
Purchase Price: $194,000
Down Payment: $25,000 + sellers closing costs & excise tax (about $4,200, est.)
Principle Balance: $169,000
Interest Rate: 4.5% amortized over 30 years
Balloon Payoff: 7 years
Insurance, est: $150
Property Taxes, est: $185
Principle & Interest Payment (P&I): $856
Total Monthly Payment (PITI): $1,191
Notes:
- There may be additional attorney fees ($300 - $500) at closing for drafting loan documents.
- There will be an additional $200 - $300 to set up a payment account with Allegro Escrow.
Property Stats:
Currently a 4 bed, 2 bath single family home with 3,891 total square feet and a detached 2 car garage. Property was originally a duplex and can can easily be converted back to a duplex.
***NOTE***:
Buyer will need to show satisfactory borrower ability in order to secure owner financing. Credit, down payment and income history will be verified prior to closing.
Exit Strategy
The ideal exit strategy would be to convert back into a duplex and hold onto it as a rental/lease-option until the market peaks and then polish and sell for top dollar!
~ To secure this deal please complete all of your due diligence and deliver or wire $5,000, non-refundable, earnest deposit.~
~ Happy Hunting!