Another great deal from Bluegrass Investment Properties. This property can be your next flip project or become your next cash flowing rental. Our deals typically don't stay available for more than just a few hours. If you are a serious investor, you should call now for an inspection! (859) 359-2245
SOLD COMPS
3404 Crimson King Ct. - $150,000 - 2200 sf – 68.2 $/sf – 9/24/13
3505 Elmendorf Ln. - $155,000 – 2543 sf – 61.0 $/sf – 10/4/13
Average $/sf = 64.6x2400 = $155,040
BUY & HOLD
After Repair Value (Comp Avg)= $155,040
Purchase Price = $107,200
Rehab = $18,000 (Flooring, paint, updating, etc.)
Closing = $2,144 (2% Purchase Price)
Total Investment = $127,344
Instant Equity = $27,696
Rent = $1,200/mo
Mortgage (80% Total Investment = $101,876, 20yr @5%) = $672/mo
Taxes = $140/mo (Est)
Insurance = $63/mo (Est)
Management = $96/mo (8% Rent)
Reserve Fund = $96/mo (8% Rent)
Monthly Profit = $133
Yearly Profit = $1,596
Cash on Cash Return = 1,596/(0.20*127,344) = 6.3% (Assuming an 80% LTV Refinance)
15.3% Cash on Cash Return w/o Management or Reserves!
FIX & FLIP
After Repair Value (Comp Avg) = $155,040
Total Investment = $127,344
Spread = $27,696
Holding Cost = $3,821 (Based on 90 day sale @1% per month)
Real Profit = $23,875