This house has tremendous profit potential. Can easily be upgraded to 3 bedrooms.
It is a full-gut project, but much of the hard work has been done. The house has been cleaned-out and gutted to the studs.
It has a new high-efficiency furnace and ductwork, new windows, and most of the electrical work has been replaced.
It needs a new roof, kitchen and bath, new plumbing, finish electrical, some brick work (4′ x 4′ section needs rebuilt, plus new lentil and some patching), clean hardwood floors (or add new if you’d like), new drywall.
Move one wall slightly and you will turn it into a 3-bedroom house for even more profit.
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Renovation Costs – $65,000
Rents – $1,750/mo
ARV for 2 beds is $175,000. 3 beds approach $200,000 or more.
Cap Rate >13%
| 2901 N Charles – Rent | |
| price: | rent-ready repairs/updates |
| $57,000 | $65,000 |
| taxes/yr. | $1,248 |
| insurance/yr. | $700 |
| repairs/yr. | $1,750 |
| vacancy | 5.00% |
| est. rent/mo. | $1,750 |
| NOI | $16,252 |
| cap rate | 13.32% |