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Information and Comps
Looking for a safe and profitable flip or rental? This could be perfect for you.
This single family home is a manufactured single wide that is located in a gorgeous neighborhood and is the only manufactured house and it sits on a large, 2.2 acre lot. It’s a 3/2 and just shy of 1100 sq ft.. Houses in this neighborhood are selling for $125,000-$173,000 with comps for manufactured houses ranging from $110,000-$119,000. This property is 3 miles from Crowder and 5 miles from Crowder Mountain State Park and Crowder’s Golf Course.
This property is currently occupied by tenants who take great care of the property. They are on a 12 month lease that ends on 10/2020 at $600/month and have expressed a lot of interest in purchasing the home at the end of their lease which could give you the option to do seller financing (no maintenance, management or headaches).
This property is in good condition and just needs cosmetic updating. It’s one of the largest lots in the neighborhood sitting on 2.2 acres and has a car port and a storage shed to go with it. It is on a well and septic which has been recently serviced and is running perfectly.
If you want to list the home for $115,000+, we would recommend doing a basic cosmetic renovation (floors, paint, fixtures, vanity, etc.). The HVAC system works but has had intermittent issues. Tenants are happy, but we would recommend servicing it or replacing it. If you could carve out a 3rd bedroom, it would be very beneficial for flipping or renting it out.
The renovated comps for this property are $110,000-$119,000 within 2.6 miles of the property. The cheaper renovated comp (4851 S verde view Drive) sold for $110,500 with 14 days on market.
The property is 1,074 sq. ft. and has 3 bedrooms and 2 bathrooms and two gorgeous trees in front of the house.
We believe this house could sell for an equal price of $115,000-$125,000 if renovated given the neighborhood. If it isn’t renovated, we believe it would sell for $75,000-$85,000.
Below is a link to see MLS comps in the area.
If you want to rent the property, we would service the HVAC and increase rents to a minimum of $800-$850 at the end of the lease. Three bedroom houses are renting for $1100-$1300/month.If you do basic cosmetic renovations, we believe you could get $1050-$1200/month based on recently leased comps.
Flip Rehab Estimate: $13,750 (Includes $3,500 of Misc. Expenses)
Rental Rehab Estimate: $5,000
ARV: $119,000 (Click Here To See MLS Comps)
Closing Date: On or before November 10th, 2019
Closing Attorney: Southern Law Group
Non-Refundable Deposit: $3,000 sent to Southern Law Group. Refundable only if seller can’t perform within 45 days of closing date