Buy & Hold #2 in Mislata town, Valencia state, Spain
Investment Info:
Single-family residence buy & hold investment in Valencia.
Purchase price: $65,000
Cash invested: $65,000
Buy & Hold - Mislata, Valencia, Spain
Current project. We decided to purchase this condo because of 2 reasons; #1 it is on the main avenue of Mislata, walking distance to the subway stop and Mercadona (grocery) and #2 potential for adding a lift (elevator) in the future that will add a lot of equity. This is a 4 bedroom we are turning into a 2 bedroom and combining the living room and 3rd room into 1 large family room. The kitchen will be American style; open with a bar table section. We are planning to turn this into an Airbnb.
List Price: €60,000
Offer Price: €60,000
Sold Price: €60,000
Offer Date: September 27, 2019
Closing Date: November 7, 2019
Condition: Vacant 5 years, electricity and water on, original state, needs rehab
Square meters: 79sqm
Year built: 1954
Rooms: 4
Bathrooms: 1
Elevator: No
Parking: Street
Yearly Taxes: €242
Monthly HOA: €20
Home Insurance: €127
Closing Costs Breakdown
Agent Commission: €3000 (5%)
10% ITP Tax: €6500
Notaria/Gestoria: €163
Total Closings Costs: €9663
TOTAL PURCHASE PRICE + CLOSING COSTS: €69,663
Rehab
Labor: €23,000 including windows, doors, flooring and bathroom fixtures
Estimated finish date is in July
