property WILL BE CLEANED-OUT prior to closing
Zoned a single-family; previously a duplex: 3 bedrooms, 2 kitchens, 2 baths, 1 mostly finished basement.
- converted to 1,584 sq. ft. 3BR/2BA SFR from 2BR/1BA units of 792 sq. ft.
- can keep it as a sizable single family or quite easily convert back to a duplex
- CAP 11% → 15.50% at ARV depending on which route you take
- ARV est.: $218,000
- flip profit potential: > $80,000
Of course a couple blocks from E. Carson Street – can walk to Fat Head’s in about 6 minutes.
< 3 years old: roof, H2O tank, furnace (central heat!). Needs full updates.
House across the street sold for $215,000:.
3BR/2BA (1,188 sq. ft.) – 64 Gregory Street
WalkScore of ≈80; excellent transit also. See photo for buslines & rideshares!
Private on 1 side/no attached or superclose neighbor.
This deal has been structured so @full value:
- the flip profit is over a 1.5x return
- ROI to buy-&-hold is superb w/the progressive South Side CAP rate
You could potentially even enjoy a cap rate close to 10% if you lived in 1 side whilst renting the other.
Repair costs will vary depending on how you zone it; eg, keeping both kitchens & converting back to 2 legal units will likely double the $$ in vs keeping it an SFR, yet will raise the CAP substantially. Photos will show it needs about everything updated, but the major components have been replaced.
Borders the Flats.
- Taxes: $781
- Electric: Needs updating
- Plumbing: OK
- Kitchen: (Both) Needs updating
- Bath: (Both) Needs updating
- Roof: 3 yrs old
- Furnace: 2 yrs old
- Hot Water Tank: 3 yrs old
- Windows: Original (8)
- Floors: 1
- Parking: On-street; not the *worst*
- Rental Potential: $1,550/mo as SFR → $2,750/mo as DX