Specialist · Toms River, NJ · Member since 2011 · 76 posts · 15 votes
I have a great deal for the right rehabber/flipper in Cherry Hill, NJ.
I have a non-MLS listed property for sale for $95,000
ARV is $229,000 - $280,000 depending on your style of rehab
Repairs - foundation $26,000 (estimate has been provided from reputable local company) which I can forward to you upon interest
cosmetic repairs - $14,000 conservative
Active comps in area - Sold $230k, $254k, $208
Active $259k, $289k, $275k
Don't know anything about your area but your numbers got my attention. After some time looking, it seems like the comps might not be really good "comps". The lot size seems to be your limitation on this one. Small lots like this one are limited to 150K or below. You need larger lots like your comps have to get into the 200's.
Thank you for your interest but I stand by my comps. One listing on the same street is a slightly smaller house with a one car garage instead of two and is not landscaped at all. Nor does it have any special upgrades on the inside, but does have a pool given the added lot footage (which does not add value to the house anyway) Listed above $200k.
While some of the comps have a larger front lawn or back yard. Most of the comps provided are determined by the features and upgrades of the houses.
Investors in NJ know the value of Cherry Hill and have done their own due diligence on determining the value of this deal.
I am showing it today at 3pm (if anyone else is interested) to a few of my investors and I am getting a lot of interest from people (in my area) so we'll see who takes it. I am very happy that I was able to find this property and lock it up as my first deal and be able to pass a nice profit spread to an investor. What my investors value as a deal here in Jersey is what I am concerned with, not with what you value in Chicago. So when it does sell, and someone makes a decent profit on it, maybe they'll share it with you, if not, happy investing.