This is a 1993 manufactured home on a 110 x 183.41 foot lot. It sold for $55,000 cash on April 17, 2020, but due to family problems, the owner needs to get rid of it. The After Repair Value is closer to $62,000 but it needs a little bit of cosmetic work to get it there. It is on a dead end street and you can see the Redfin listing here.
Closing Costs and realtor commissions – Our closing: $1,130 – Closing with end buyer: Realtor fees $3,720, closing cost $35 tax certification.
After repair value: $62,000
Total Closings and commissions: $4,885
Total Repairs: $2,990
Asking Price: $40,000
Estimated Profit: $14,125 minus holding costs.
OR
Estimated rent: $750-$850
Work it needs: All estimates include labor
- New shower fixtures: $120
- Patches in dry wall in several places: $350
- Drywall under master window needs to be repaired (included in patching)
- Interior door missing to master: $100
- A couple other interior doors in poor shape and could be replaced: $300
- Screen door on front door is torn: $50
- Debris removal, there is a lot of junk outside: $250
- Maybe paint a more neutral color in several of the rooms (not included in estimate)
- Refrigerator, washer, dryer, stove: $500, $800, $500
- Toilet seat: $40
- Repair sinks in vanity
One of the double vanity sinks was leaking so the owner replaced the subfloor as well as vinyl plank flooring in the entire master last month. The sink still needs to be repaired.
The owner will be taking the couches, TV stand, and end tables, as well as the dressers some time this week.