Buy & Hold #2 in Mislata town, Valencia state, Spain

[Paolo De Leon]

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

[Paolo De Leon]

 @Joaquin Camarasa:

Hey Joaquin, good to connect. Yes, the virus has slowed down Valencia alot. We have a pending deal right and the notaria can't open until further notice. Almost everything is frozen. But on the flipside, it looks like there will be plenty of distressed sellers needing cash when this virus is over. I think summer and until the end of the year is good time to go deal hunting.