A Networking Forum for

Greater Pittsburgh Area Real Estate Investors
It is currently Thu May 24, 2018 8:12 pm

All times are UTC - 5 hours


To insert images, upload images to your server, copy the url, and insert it between img tags. Your code should look like this:

[img]http://www.YourDomain/YourImageName.gif[/img]

Alternatively, you can include a link to your website.



Post new topic Reply to topic  [ 2 posts ] 
Author Message
 Post subject: House in Castle Shannon - Make $25K+ on this deal
PostPosted: Fri Dec 18, 2009 8:31 am 
Offline
Site Admin
User avatar

Joined: Tue Feb 12, 2008 4:45 pm
Posts: 111
Location: Pittsburgh, PA
This is a deal I'm working on in Castle Shannon. This property doesn't need that much work, and if you're a cash buyer who can close quickly, you can make $25K +, retailing the property. Time is of the essence here, because the seller is about to go into foreclosure, and she's giving me very little time to make this happen, before listing with a real estate agent.

Please contact me (emilie@real-estate-roundtable.com) if you're interested in working with me on this deal.

Photos: http://real-estate-link.com/Waverly_Photos/

The bank agreed to do a short sale, and most of the work on that is done. They are just asking for an offer and settlement sheet. I think we could pick up this property in the low to mid $30's.

Recent comps (from zillow.com, confirmed on county website)

* Sold 10/01/2009: $110,000: 886 Middle Rd, Pittsburgh, PA 15234
* Sold 08/27/2009: $123,000: 732 Riehl Dr, Pittsburgh, PA 15234
* Sold 05/15/2009: $119,900: 1230 Havelock Ave, Pittsburgh, PA 15234

I know the ARV for this one is not as high as the comps, but my friend who knows
the area really well said it would sell quickly for $85K, and up to $95K if the holding costs are low and time is not an issue.

The worst case scenario/conservative #'s:

Acquisition costs: $40K (including closing costs and assignment fee)
Repairs: $15K
Holding Costs/RE Agent: $5K (need cash buyer to keep holding costs low)
Retail for $85K (for quick sale)
Profit: $25K

Needed repairs (we're estimating $10-15K)

-cracked front walk, needs patched
-exposed wood around entrance/windows needs to be scraped and painted
-broken/boarded up window on back need replaced
-entire internal finish of mudroom needs replaced
-mudroom flooring needs replaced
-exterior concrete wall near basement door needs to be scraped and painted
-parquet floor in kitchen needs to be replaced
-kitchen gas leak needs to be fixed
-basement and second floor need to be cleared out
-need new floor molding on first floor to hide gaps
-bathroom floor needs to be tiled
-bathroom tub surround needs to be replaced
-upstairs/stairwell needs carpet
-most of the interior should to be re-painted
-small back bedroom closets need doors
-big hole in the wall in the master bedroom needs to be repaired
-dead-end door needs to be buried in master bedroom
-mold in one of the bedrooms
-roof leak issue in mudroom probably requires roof patch


Top
 Profile  
 
 Post subject: Re: House in Castle Shannon - Make $25K+ on this deal
PostPosted: Mon Feb 08, 2010 2:55 pm 
Offline
Site Admin
User avatar

Joined: Tue Feb 12, 2008 4:45 pm
Posts: 111
Location: Pittsburgh, PA
No longer available


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 2 posts ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 0 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group