Huge profit whether you rent or flip.
Can easily convert to 5 beds for added profit.
Comps for 3 beds – $250,000. Comps for 5 bedrooms – $400,000.
3-bed rent – $1,650, 5-bed rent – $2,350
Electrical updated. Newer windows. Newer baths, kitchen, and flooring.
For Rental:
Interior needs some minor cleanout and light touch-ups (some carpet, paint).
$10-15K in renovations
For Flip:
Needs exterior updates (siding and roof).
Convert 2 rooms to bedrooms for 5-bed flip.
$70-80K in renovations
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Either way, there is a huge upside on this house.
| 198 Chartiers – Rent | |
| Price: | rent-ready repairs/updates |
| $117,000 | $20,000 |
| taxes/yr. | $3,467 |
| insurance/yr. | $800 |
| repairs/yr. | $2,000 |
| vacancy | 5.00% |
| est. rent/mo. | $1,650 |
| NOI | $12,543 |
| cap rate | 9.16% |
| 198 Chartiers – Flip | |
| Price: | Flip Renovations |
| $117,000 | $80,000 |
| ARV | $399,000 |
| Selling Costs | $39,900 |
| Purchase Costs | $11,700 |
| Flip Profit | $150,400 |