Everyone that specializes in the Jacksonville market knows how tough finding good deals has been in recent months.
But Christmas 🎄 has come early for me.
I thought I was dreaming at first when I found this Riverside 3/2 SFH listed on Zillow for 75k.(You see,average value of riverside SFHs is currently 150-200k)
So I thought,"yea..too good to be true...I bet something is wrong with it."
So I sent in my contractor to inspect and see what's going on.
When he came back and reported the property was in good shape and total estimated repairs would be under 10k,I wondered what could account for the low list price....and why the property was still on the market after 45 days in a hot market with all these eagle-eyed investors focused on the Jacksonville area...
Then I went to look at it myself.
Property was right under the I-10W but most of the traffic noise blew right on top of the building and you could hardly hear the traffic.
Here was the kicker for me:
There was already a long term tenant in place paying $800/mo with no rent increase in the past 5 years....and he didn't want to move.
Long story short,
I offered 50k,sellers countered at 55k.
Deal done last week.
I sent a speculative notice to tenant raising rent to $975/mo 2 days ago and received a signed lease back within 24 hours!
Now I don't even have to rehab anything if I don't feel like,and the property will easily appraise for north of 135k when I refinance next year.
Do not be discouraged.
Santa🎅 may visit you early too.🤗😎
Wow! Those numbers are off the chart. It was probably a great deal even with the rehabbing so congrats on it!
Don't let your guard down because of it. :P
Wow! Congrats to you! Thanks for the inspiration and keep at it :)
This is awesome. Makes me want to believe in Santa again.
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