The 1 Acre House
Property: Brick / Block 1570 sqrft 3/2 with additional office built in 1956 on 1 acre lot (most lots in area .5 acre or less)
ARV : $185,000 (used $180000 for profit calculation to be safe)
*Same house 2 doors North sold 2 months ago for $193000*
Purchase Price: $90500 (seller will finance with no payments for 6 months)
Holding Costs: $2000 (No mortgage payments due to seller holding note)
Rehab Cost: $43000 (contractor will estimate before we sign)
Selling Costs: $21000 (if I have to pay buyers closing costs)
Profit: $22000
The house is a time capsule with a workable floor plan. I need to knock out 1 non load bearing wall to open the kitchen to the living room. This will allow a slightly larger kitchen and a much improved floor plan. Need to redo 2 bathrooms and put new floors in the whole place. Carpet in bedrooms and office, engineered hardwood in the living area and tile in the bathrooms, kitchen and laundry room area. House is also do for a new roof, but decking seems to be in good shape and should need minimal work and the attic is as dry as a bone. The only thing I don't like is that all the bedrooms share 1 bathroom. I'd like to find a way to give the master sole access to the, currently, common bathroom but I'm not sure how to do it and make it cost effective. House also has new AC and heat pump and new water heater. Main electrical panel has also been replaced along with the outside meter panel and disconnect.
I'd be curious on what you all think? I'll get pictures when I head out with my contractor.
Tom