Tenanted buy/hold or easy flip in Princeton

Home Forums Real Estate Community Chatterbox Tenanted buy/hold or easy flip in Princeton

This topic contains 0 replies, has 1 voice, and was last updated by  Stephen Salerno 5 days, 14 hours ago.

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    Stephen Salerno

    Pear Cir, Princeton

    Price: $89,000
    Rehab: $0 for keeping tenant or $18,000 for flip
    ARV: $145,000–two best comps are $118K (not the best shape) and $165K (good shape)
    Rent: $900/mo currently, $11-1200/mo market

    Manufactured home on over an acre in Princeton, right near the lake. It is a 3/2 1680 sqft house which has had a tenant for 6 years at $900/mo, which isn’t a great rent, but the perk is that he is responsible for ALL rehab/maintenance on the property–so a very worry free situation for a buy/hold deal. Tenant is month-month (has been for 5 years), so this could also be a flip situation, which would put it at 73 cents on the dollar!

    Rehab: If you wanted to flip it, it would need some new flooring, subflooring, minor kitchen/bath updates and a new coat of paint on the trim and deck.

    Pros:
    – Collin Co
    – 1+ acre
    – Easy tenant
    – Low percentage deal for flip
    – Low rehab for flip

    Cons:
    – Manufactured home
    – Deferred maintenance

    Full rehab breakdown, comps, and photos available.
    Call Stephen 214-643-8464 for more details and access

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