Monday, December 24, 2012
JUST SOLD! Victorian Cottage Bargain
I just closed on this purchase for a client. It is a 3 bed 1 bath victorian era cottage located at 777 27th St. The home has had an interesting history. In 2006 the home sold for $54,900 cash as a fixer upper. Later, in 2008, the home sold for $109,900.
By 2010 the home was nearing foreclosure and was listed on the market as a short sale. The short sale failed and in 2011 the home came on the market as an REO listing. The property sold in May of 2011 for $33,000 cash.
In September 2012 the owner listed the property for sale at $56,800. After two weeks the price was dropped to $53,500. That is about when I began generating interest in the property from my client base.
After two failed contracts (there were some structural repairs needed), my third client committed to the project and we finally negotiated a sale at $49,500 with the seller paying $1,500 in closing costs.
The home is worth about $85K-$90K after repairs and needs an immediate $5,000 in repairs to begin renting. New carpet, a new furnace, floor joist repair, and curb appeal are on the priority list. The home will make an excellent rent-to-rehab-to-flip project. It has a good floorplan and all the cute trimmings you would expect in a home of this vintage.
If you are looking for a fixer upper or rental home, CONTACT ME and let's find one that works for you.