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Buckingham Dr. 28% ROI Flip This House Blocks from the Governor’s Mansion and Butler University

in
239 Buckingham Dr, ,
add to favorites
596
funded

We have the property under contract.

Quick Summary:

  • Purchase + Rehab + Holding (total all-in): $378,550 
  • Project duration (closing to closing): 6 months
  • Projected selling price: $520,000
  • Projected net profit to investor(s) (before taxes; after profit share): $61,361 
  • These are projections, not guarantees

Timeline:

  • Answer needed: TBD
  • Signed docs: TBD
  • Submit non-refundable deposit: TBD
  • Fund project account: TBD
  • Planned purchase-closing: 7 months
  • Reno start: 5/1/17
  • Reno duration: 3-4 months
  • Planned listing date: 8/25/17

Your Next Steps:

  • Best to post your question below in the comment section (or email meet@simplydoit.net)
  • Let us know if you are interested to participate.
  • Let us know which financing option (see below) is most relevant for you and approx. how much you have available.

High-level Details About Flip:

  • Offer has been accepted and is under contract.
  • The purchase price is $237,000
  • Comps in the area range from $499,000 to $665,000
  • Waiting on final rehab figures, but current estimate is $125,000 including holding costs.
  • Currently the property is under contract for a land trust and will need to be transferred to the buyer’s name (investor’s name)
  • Goal selling price is: $550,000
  • As always, this flip is first come, first serve.
  • All flips are eligible to be converted to long-term rentals; contact SDI for more details.

Financing/Purchasing Options:

  • You buy it solo cash / private loan and rehab with cash.
  • Close with cash and use lender funds to rehab. We have such a mortgage resource for you.
  • We partner you up with one or more Simply Do It investor(s) using one of these methods.
  • Funds can be invested in the form of cash and retirement funds.

About Land Trusts:
It’s a way to hold real estate with much more simplicity than an entity or LLC and requires a trust agreement, beneficiaries’ agreement, appointment of trustee and appointment of director. These documents will be provided to the investor(s) who participate in this flip.

House currently features:

  • 4 bedrooms, 1 full bath, 2 1/2 baths
  • Home was built in 1940 and is 3,489 sq. ft.
  • The house is a on a corner lot in a very desirable area acquired through an estate sale
  • The home is great condition but needs to be updated for the modern buyer

After Renovation, the House will feature:

  • 4 bedrooms and 2 full bathrooms, and 2 half bathrooms including a master bed/bath suite
  • Remodeled kitchen with new appliances
  • Open modern floor plan
  • All bathrooms remodeled
  • Finished basement
  • Newly restored hardwood floors
  • Painted exterior with addition for master bed/bath suite and new landscaping

Special Circumstances:

There is extremely high demand for this property. There were 50 agents at the one hour showing of this home.  There were also multiple cash offers for this property. Many of them were higher offers than ours  We were able to get the property under contract because we were the first to make a formal offer, and we developed a relationship with the seller and agent. This is an estate sale and the children cannot afford to live in the home or pay for all the moving costs. So, we are allowing them 5 days to move everything out of the house after the close and allowed them to choose the closing date. We can start construction the day after closing.

Financial Analysis

Listed for $236,900
Purchase Price $237,000
Closing Costs $2,550
Estimated Renovation & Holding $125,000
Set-up Fees $3,000
Finders Fee $1,500
Prop Taxes, Insurance & Staging $4,500
Reserve $5,000
Est. All-in


$378,550

 

Target Selling date 7/15/2017
Target selling price $520,000
Sales commission 5.0% $26,000
Sales expenses 2% $7,800

 

Projected Profit $107,650

 

Project ROI 28%

Profit Sharing

Investor(s) 55% $59,208
Local team 20% $21,530
Simply Do It (Facilitator) 25% $26,913
Investor’s Return On Investment (ROI) 15.64%
Duration (months) 8
Annualized ROI

 

23.46%

COMPS MAP

 

 

COMPS 

 

Sold $665,000 5034 N Illinois St Indianapolis 4 3/1 4,342 2016 Yes
Sold $574,900 121 W 44th St Indianapolis 4 3/1 4,827 1907 yes
Sold $539,000 5127 N Kenwood Ave Indianapolis 5 4 4,838 1920 Yes
Sold $549,000 215 W West Ridge Rd Indianapolis 4 3/1 3,392 1930 Yes
Active $499,000 321 Blue Ridge Rd Indianapolis 5 2/2 2,110 1931 Yes

 

COMPS ANALYSIS

 

CMABuckingham-2

 

VIDEO TOUR

 

Additional Info
Few blocks from the Indiana Governor Mansion (0.5 miles – 9 mins walking)

Documents
Address: 239 Buckingham Dr
State/County:
Zip: 46208
Country: United States
Property Id : 965
Property Size: 3,489 ft2
Property Lot Size: 5,981 ft2
Rooms: 12
Bedrooms: 4
Bathrooms: 3
Year Built: 1940
Garage: Yes
Garage Size: Attached
Basement: Yes
External Construction: Stone, Wood
Roofing: Asphalt or composite shingles
Rent (mo): 2100
Property Taxes (mo): 255
Insurance (mo): 150
attic
gas heat
fireplace
back yard
front yard
fenced yard
washer and dryer
laundry
walkscore48 / Car-Dependent more details here

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