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Cy G.
  • Investor
  • New York , New York
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Hold/Rent, Flip, or Fix and Flip?!

Cy G.
  • Investor
  • New York , New York
Posted Oct 8 2015, 18:52

Thank you for taking the time to read this.  

I purchased a property in NY for $22,000 (in cash). Zillow is has sold compatibles in the area between 38-67k.  We put the offer in the same day the property was listed.  Possible rent would be 750+ utilities.  

Hold / Rent

Yearly Rental Income: $9000.00


Property Management : 10% = $75X12 = $900.00/year

Property Taxes: $2315.50/year

Vacancy: 10% = $900.00

Grass/Snow: Dealt with by Tenant

Maintenance: $1000.00/year (estimate)

Net Rental Income: $3884.50/year

Fix And Flip

Real Estate Agent believes if we put about $15,000.00 into it we can list for $69,000.00.

At a $55,000.00 sale(assuming low to be safe), We would have a $15,000.00 profit (aprox).  A house on the same street just sold for $67,000.00.

Quick Flip

Third option would be to clean up the place and re list it at $30,000.00

My question is which do you believe should be the route to follow based on these numbers? Any advice? 
Thank you. 


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