All Forum Posts by: Gregory Avalone

Price: $142,000 CASH or Hard Money ONLY

Est. Rehab: $60k

ARV: $250k+

Cap Rate Potential: 10%+

Est. MKT. Rent $2300/month

Layout: 3 bd, 2 ba (1488 sqft, 6250 sqft lot )

Pre Foreclosure legal duplex located in Little Haiti. The property is CBS construction, 1,488 sq ft, features a 2/1 + 1/1 units and sits on a 6,250 sq ft lot zoned T3-O. The property is vacant and ready for a complete rehab. Excellent opportunity to gross $27,000+/yr in rental income in a fast developing Little Haiti neighborhood.

COMPS (active listings)
6811 NW 4th Ct $230k
133 NW 69th St $299k
122 NW 64th St $299k
6810 NW 2nd Ave $299k (pending)

70 NW 69th St $260k (pending)

7675 NW 16 Ave Miami 33147 – Single Family (Frame)

Price: $92,000 CASH or Hard Money ONLY

Est. Rehab: <$5k

ARV: $130k+

Cap Rate Potential: 14%

Est. MKT. Rent $1500/month

Layout: 3/1 (684 sqft, 4050 sqft lot )

Cap Rate King!
This prime single family Miami home has excellent income potential. Tax roll shows 2/1 but living room was converted to make a 3/2. (no permits, but all original size no additions)
Can rent for $1,500/mo. or rent by the bedroom for $1800/mo ($600 each)

Ths is a quiet street with a beautiful coconut tree in the backyard.

Title is clean and clear!

Comps:
2448 NW 81st Ter - 2/1 858 sqft REO sold $90k
8025 NW 13th Ave - 2/1 802 sqft Sold $79K (tear down)
Pending:
7511 NW 14th Ave - 2/1 632 sqft PS at $140K

Price: $192,000 CASH or Hard Money ONLY

Est. Rehab: $30k

ARV: <$300k

Cap Rate Potential: 11%+

Est. MKT. Rent $3000/month

Current Rent $1500/month

Layout: 2/1 & 2/1 (1628 sqft, 7200 sqft lot )

Legal Duplex on large lot in prime Buena Vista West location, just minutes from the design district and Wynwood! Front structure is a 2/1 (frame) fully renovated being rented for $1,500 on a lease & back structure (CBS) is also a 2/1 which needs to be finished and will give you about $3,000 total monthly rent.

After repairs this property can be flipped for $275k - $285k, or be held for an 11% Cap Rate!!

Comps:
3/2 & 2/1 - 5101 NW 8th Ave - $280,000
2/1 & 2/1 - 1087 NW 51st St - $271,600

Price: $440,000 CASH or Hard Money ONLY

Est. Rehab: <$10,000

Cap Rate Potential: 10%

Est. MKT. Rent $4,800/month

Current Rent $2300/month

Layout: 7 Bd, 4 Ba (7731 sqft, 2241 sqft lot )

Off-Market fully legal 3-unit property with an amazing location by Coral Gables: South of Coral Way, and just blocks to Miracle Mile and downtown Coral Gables. Zoned T3-O. The units are in good rentable condition but could benefit from cosmetic updating. The ceiling and an interior wall of one unit need some paint and patching. Each unit has its own full-size washer and dryer, with separate water meter and electricity meter. Cap rate of 10% at market rent, which is incredible for this location. Properties trade at a 6-7% cap, typically. Unit 3 will be vacant at closing and unit 1 and 2 tenants are month to month.

Unit 1 – 2 bedroom/2 bathroom - $1,200/month - market rate $1,500
Unit 2 – 3 bedroom/1 bathroom - $1,100/month - market rate $1,700
Unit 3 – 3 bedroom (1 shotgun style)/1 bathroom – owner occupied - market rate $1,600
.
CLOSED SALES
3192 SW 25th TERR - $515K – 3/2 & 2/1 - only 2 units - inc. $3,200/month– Cap Rate 5.6%
3144 SW 23rd ST - $515K – 3/2, 2/2 & 1/1 – only 2 units are legal – inc. $4,400/month – cap rate 7.6%
2921 SW 24th ST - $465K – 2/1 & 3/2 – only 2 units – inc. $3,500/mo – cap rate 6.7%
3344/6 SW 24th ST - $523K – 2/1 & 3/2 – only 2 units – inc. $3,500/mo – cap rate 6%

Contact for details. 305-900-7391

Price: $215,000 CASH or Hard Money ONLY

Est. Rehab: $100,000

ARV: $400k+

Layout: 3 Br, 2 Ba (1322 sqft, 5250 sqft lot )

Fantastic off-market single family home in need of full rehab on one of the best blocks in Buena Vista, steps from the Design District. Property would be an incredible flip opportunity or rental property, as renovated properties are selling fast. Closed Comps are excellent!! Newly renovated homes are all selling from $280-$305/ft. making this home worth $400,000+ after improvements.

Closed Comps - Renovated
108 NW 47th St. $599,000 - 4/3.5 2,093 sq. ft. ( $286/ft)
46 NW 45th St. -$375,000 - 3/2 1,233 sq. ft. ($304/ft.)
258 NW 45th St. $318,000 - 3br/2ba only 1,080 sq. ft. ($305/ft.)
61 NW 53rd St. - $330,000 - 3br/3ba 1,180 sq. ft. ($280/ft)
255 NW 40th St. - $329,000 3br/2ba 1,138 sq. ft. ($289/ft)

Still available for sale!

Price: $ 115,000 CASH or Hard Money ONLY

Est. Rehab: $5,000

Cap Rate Potential: 14%

Est. MKT. Rent $1,900/month

Layout: (1066 sqft, 4400 sqft lot )

Fantastic off market 3/1 house with a 1/1 efficiency attached, centrally located in Miami (Brownsville). Amazing rental or flip opportunity, kitchen, bathroom and floors are updated, roof in good condition but missing a few shingles from the hurricane. Property is fully fenced and is located near the MIA airport, amenities and highway. Next cheapest house in the neighborhood is asking 127k for a small 2/1. Property has a minor violation for fence done without permit. Will be vacant at closing.

Amazing 14+% CAP (3/1 can be rented for $1,350/mo and efficiency for $600/mo) or FLIP and sell for $160k.

SOLD COMPS:
2512 NW 55th Ter $180,000.00 1,500 3/2
1816 NW 47th St $150,000.00 900 2/1

RENTAL COMPS:
1720 NW 50th St 2/1 $1,300/mo
1951 NW 49th St 2/1 $1,300/mo
1850 NW 53 St 2/1 $1,350/mo
1380 NW 53 St 3/2 $1,850/mo
3061 NW 55th St #B 2/1 $1,400/mo

Hi @Sharon Thompson I will send you an email shorty with more details and photos. 

Price: $189,000 CASH or Hard Money ONLY

Est. Rehab: $10k-30k

Cap Rate Potential: 10%+

Est. MKT. Rent $2600/month

Current Rent $2320/month

Layout: 4 bd, 3 Ba (1608 sqft, 7250 sqft lot )

Amazing Off-Market duplex property in prime Little River location, east of I-95. Property is CBS and features two houses, with a 2/2 in front and a 2/1 in the rear. Everything has been renovated in excellent condition, including the roof and hurricane impact windows. Tenants are month to month with room to increase rents, giving you a 10%+ cap rate.

There are open liens/permits which buyer will need to take. The back unit has an extra 3rd bedroom which needs to be removed or legalized back into a porch. Some work was done without permits, although should be up to code, but the new buyer will need to open and close out these items.

Tenants month to month

Unit 1 - $1,170/mo

Unit 2 - $1,150/mo

Price: $ 650,000 CASH or Hard Money ONLY

Est. Rehab: <$10,000

ARV: $800k-$1 Million

Cap Rate Potential: 8%+

Est. MKT. Rent $5600/month

Current Rent $3500/month

Layout: 8 Bd, 4 Ba (3027 sqft, 5760 sqft lot )

Off Market multi-family property located 1/2 block away from Biscayne Blvd in the MiMo District of Miami's Upper East Side. This CBS two-story building features four 2 bed / 1 bath units, central ac, 4 separate meters, and 5+ parking spaces on 5,760 sq ft lot zoned T4-R. The building passed it's 40 Year Recertification less than 3 years ago and has been well maintained with new floors and a roof that has been replaced less than 6 years ago. Long term tenants are paying below market rents, with some tenants having been there 10+ years. Incredible value-add opportunity in a prime East Little Haiti location surrounded by a flourishing amount of new development.

*Only 2,000+ sq ft income property available in the area under $250/sq ft

Tenant occupied. Please do not disturb.

- tenants are month to month
- current market rent is $1400/mo per unit.
INCOME

Unit #1 - rented at $950/mo

Unit #2 - rented at $850/mo

Unit #3 - rented at $900/mo

Unit #4 - rented at $800/mo

$3,500 Current Monthly Income

$42,000 Current Yearly Gross

EXPENSES

Property Taxes - $8,559.50 (2017 Property Tax Bill)

Water Bill - $1,200/year (apprx $400 every 3 months)

Electric Bill - $0 (Tenants Pay Electric)

Insurance - $3,000/year

Garbage and Maintenance - $2500/year

$15,259 Current Yearly Expenses

MARKET RENT

Neighborhood 2/1’s w/central air - $1400 - $1500/month

$67,200 - $72,000/Year Gross

COMPS (closed sales)
557 NE 63rd St Fourplex 6/6 2,818 sq ft $700,000 ($248/sq ft, needs renovation)
570 NE 69th St five units 5/5 2,752 sq ft $750,000 ($272/sq ft, needed renovation, renovated after sale)
536 NE 69th St Triplex 4/3 2,093 sq ft $466,175 ($222/sq ft, rental condition)
512 NE 67th St Fourplex 6/4 2,917 sq ft pending $670,000 ($229/sq ft, needs renovation)
501 NE 61st St Fourplex 6/4 2,240 sq ft $868,200 ($387/sq ft, multi parcel sale w/adjacent lot)

COMPS (active listings)
450 NE 62nd St Fourplex 6/6 3,079 sq ft $1,250,000 ($406/sq ft, newly renovated)
525 NE 65th St Fourplex 6/4 2,657 sq ft $980,000 ($368/sq ft, newly renovated)
5898 NE 4th Ct Fourplex 5/5 2,660 sq ft $890,000 ($334/sq ft, needs renovation)
558 NE 69 St Fourplex 5/3 2,456 sq ft $759,000 ($309/sq ft, rental condition)
537 NE 64th St Triplex 5/3 2,508 sq ft $799,000 ($318/sq ft, newly renovated)