It is close to turnkey as a rental, but I would recommend doing about $34k in work to unlock its full value.
Scope of work includes the following:
Scrape popcorn ceiling – 1.25/sf * 1800sf = $2250
Add LVP Flooring – 5.50/sf* 1800sf =$9,900
Paint Interior $2.50/sf*1800sf = $4,500
New 3 ton AC Condenser – $3,000
Paint Cabinets/replace countertops with granite – $4000
Demo – $750
Fixtures, vanities, misc – $3200
Appliances – $2200
Paint exterior/trim- $4200
Total $34,000
ARV $215,000
Less repairs – $34,000
Less purchase – $125,000
Less purchase closing costs – $2600
Less holding costs – $8,446
Less Sale Commissions – $10,750
Profit – $34,204
Holding cost breakdown:
– Flood insurance $534 annual ($44.5/monthly)
-P&C Insurance – $1800 annual ($150/monthly)
– Taxes – $2005 annual ($167 monthly)
-Interest assuming 1% origination and 9% annual – $1,590 up front plus 1,192/month (6360 over 4 months)
-Utilities – $110 Energy $50 Water ($160/monthly)
Assume 4 month hold – $8,446
Comps Breakdown –
Most from Randolph heights, 2 streets over.
9215 Dancy Ave – $240,000 1,938 sf. 3 bed 2 bath. $123.84/SF sold 4/29/22
9420 Dancy Ave – $196,000 1,408sf. 3 bed 2 bath. $139.20/SF. Sold 10/14/2022
Subject property – $215,000 1800sf. 3 bed 2 bath. $119.44/SF.