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Quick 90 Day Flip 25% ROI Low Acquisition and Renovation Costs

in
3930 Winthrop Ave, ,
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677
in rehab

We have the property under contract.

Quick Summary:

  • Purchase + Rehab + Holding (total all-in): $141,800
  • Project duration (closing to closing): 4 months
  • Projected selling price: $190,000
  • Projected net profit to investor(s) (before taxes; after profit share): $19,718
  • These are projections, not guarantees

Timeline:

  • Answer needed: TBD
  • Signed docs: TBD
  • Submit non-refundable deposit: TBD
  • Fund project account: TBD
  • Planned purchase-closing: 4 months
  • Reno start: 5/1/17
  • Reno duration: 30 days
  • Planned listing date: 6/15/17

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 $100,000
  • Comps in the area range from $191,00 to $260,000
  • Waiting on final rehab figures, but current estimate is $27,000 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: $190,000
  • 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:

  • 3 bedrooms and 1/2 baths
  • Home was built in 1924 and is 1,812 sq. ft.
  • The house requires very little rehab compared to most of our projects
  • The home is in good condition but needs to be updated for our targeted buyer

After Renovation, the House will feature:

  • Remodeled kitchen with new appliances
  • Open modern floor plan with all new paint and updating
  • All bathrooms remodeled
  • Newly restored hardwood floors
  • Painted exterior and new landscaping

Special Circumstances:

The property is currently occupied by tenants. We will push closing per seller to 30 days after physical inspection scheduled for 3/14/17.

Financial Analysis

Listed for $109,995
Purchase Price $100,000
Closing Costs $1,800
Estimated Renovation & Holding $27,000
Set-up Fees $3,000
Finders Fee $1,500
Prop Taxes, Insurance & Staging $3,500
Reserve $5,000
Est. All-in   $141,800
Target Selling date 6/15/17
Target selling price $190,000
Sales commission 5.0% $9,500
Sales expenses 2% $2,850
Projected Profit   $35,850
Project ROI   25%

Profit Sharing

Investor(s) 55% $19,718
Local team 20% $7,170
Simply Do It (Facilitator) 25% $8,963
Investor’s Return On Investment (ROI)   13.91%
Duration (months) 6
Annualized ROI   20.86%

COMPS MAP

COMPS

Price Address City Beds Baths Sq Ft Yr Built
Active $260,000 4019 Carrollton Ave Indianapolis 3 1/1 2,751 1912
Sold $191,000 4321 Guilford Ave Indianapolis 3 2 2,266 1920
Sold $198,500 4325 Guilford Ave Indianapolis 3 1/1 2,369 1920
Sold $350,000 2353 N College Ave Indianapolis 3 2/1 3,392 1900
Sold $335,000 2337 North College Avenue Indianapolis 4 3 4,331 1924
Sold $370,000 1808 Carrollton Avenue Indianapolis 4 3/1 3,304 2016

COMPS ANALYSIS

VIDEO TOUR

Taken by Simply Do It’s on the ground team on 3/8/17

Address: 3930 Winthrop Ave
State/County:
Zip: 46205
Country: United States
Property Id : 1019
Property Size: 1,812 ft2
Property Lot Size: 5,279 ft2
Rooms: 10
Bedrooms: 3
Bathrooms: 2
Year Built: 1924
Garage: Detached One Car
Basement: Yes
Roofing: Asphalt or composite shingles
Rent (mo): 900
Property Taxes (mo): 199
attic
gas heat
fireplace
back yard
front yard
walkscore61 / Somewhat Walkable more details here

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