I took my first deep dive into Craig's List yesterday and found this potential deal available through a wholesaler. Called and spoke to him about it. He says it is owned by a contractor who wants to get rid of it to raise cash.
315 Brevard Street Statesville, NC
Looks like the property is in pretty good condition having been mostly rehabbed but still needs some final work to get it rent ready.
Neighborhood looks working class and fine.
Crime Reports.com shows some drug and assault issues in the last six months a few blocks away but not much directly near the property. Seems like there is a police/sheriff station close by.
Schools according to GreatSchools seem average to good.
We ran our numbers last night and based on our investment criteria and considering the various 'rules and guidelines' for budgeting, the house meets our criteria. We are a bit out on a limb estimating the rent and also the ARV but the ARV is not so critical since we are primarily focusing on cash flow.
If you have a chance to look at the below links and description, I would love to hear what you think of this potential deal and if you see any red flags waving high that should be considered.
From the Wholesaler:
$29,900 / 3br - 960ft2 - Attn: All Cash buyers and investors!!! (Stateville N.C.)
This property is available now!
3 BR 1 BATH Single family home that requires about $5,000 or less in repairs.
Location: Statesville , NC 28034
Asking Price - $29,900
At the price of $29,900 this is a steal because majority of the repairs have been made, the owner is just ready to unload this house from his portfolio.
ARV = $52,000 Asking Price: $29,900 Needed Repair Estimate: $5,000
Based on recent comps, houses in this area are selling for $60,000+
POTENTIAL PROFIT = $25,000+
THE SPECS:Square Footage: 960 Bedrooms: 3 Bathrooms: 1 Unit Type: Single Family Home Construction: 1 Story Brick Frame
*Majority of the repairs have already been made! - Brand new roof. - Brand new windows. - Brand new plumbing and electrical wiring running throughout the entire house. - Brand new cabinets - Brand new tile flooring. - Updated Central Air and Heating. - Chimney included. - Landscape is in great condition. - Nice residential neighborhood.
LOW REPAIR ESTIMATE:
- Needed repairs: $5k or less
*424 Wilson St, Statesville NC - 3 beds 1 bath 972 sqft - SOLD for $64,700 on July 6, 2017
*120 Chatfield Loop, Statesville, NC - 3 beds 1 bath 972 sqft - SOLD for $70,000 on July 6, 2017
*625 Hartness Rd, Statesville, NC - 2 beds 1 bath 990 sqft - SOLD for $85,000 on July 21, 2017
*902 E Broad St,Statesville, NC - 2 beds 1 bath 892 sqft - SOLD for $80,000 on June 30, 2017
*433 Brevard St, Statesville, NC - 2 beds 1 bath 988 sqft - SOLD for $60,000 on June 30, 2017
GREAT CASH FLOW OPPORTUNITY!!!
Rent: $650 /month X 12 = $7,800
***At a purchase price of $29,900 it would take less than 4 years to recoup your initial investment then you could easily sell the house at $60k+.
SERIOUS CASH BUYERS ONLY!!!