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27% ROI Restore and Modernize This Beautiful Historical Property

$ 276,550 All-in
in
2045 Carrollton Ave, ,
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233
funded

Funding update (3/2/17 12:30pm PST): we have $270k funds ready for this flip. Flip is closed for funding. BUT we still taking backup funding options in case something changes – email us if interested. 

Below is the investor’s portfolio outlining the details of the property and the flip project.

We have the property under contract.

Quick Summary:

  • Purchase + Rehab + Holding (total all-in): $276,550
  • Project duration (closing to closing): 6 months
  • Projected selling price: $375,000
  • Projected net profit to investor(s) (before taxes; after profit share): $40,741
  • These are projections, not guarantees

Timeline:

  • Answer needed: TBD
  • Signed docs: TBD
  • Submit non-refundable deposit: TBD
  • Fund project account: TBD
  • Planned purchase-closing: 8 months
  • Reno start: 5/15/17
  • Reno duration: 6 months
  • Planned listing date: 8/15/17

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 $155,000  (was listed at $169,900)
  • Comps in the area range from $360,000 to $399,000
  • Waiting on final rehab figures, but current estimate is $105,000 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: $399,000
  • 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.
  • We buy it using conventional financing that can finance both purchase and rehab – we have such a mortgage resource for you (we must be prepared to close with funds independent of the conventional financing and get reimbursed by lender funds).
  • 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, 4 bath
  • Home was built in 1895 and is 3850 sq. ft.
  • The house is a duplex that we convert a large single family home.
  • The home has beautiful wood all throughout that we will restore while modernizing the home. This a very unique property.

 

After Renovation, the House will feature:

  • 4 bedrooms and 3 bathrooms, including a master bed/bath suite
  • Remodeled kitchen with new appliances
  • Newly restored hardwood floors, doorways, and wall cabinets
  • Master Bedroom/Bath Suite with a private access balcony
  • Two historical updated fireplaces
  • Painted exterior with Retro architecture and new landscaping
  • Newly built 2 car detached garage
  • House will have a beautiful open floor plan after renovation

Special Circumstances:

This property is currently 2 units: upper and lower ones. There is a long term tenant in the upper unit (a college professor) who as part of the purchase agreement will stay for an extra 60 to 90 days until she finds a new place. The tenant has a lease and pays rent during this time.

Work will get started on the lower unit and exterior while she is still there, if necessary. We were just informed today (3/1/17) that the tenant has found a home and should be out by closing unless we close earlier with cash by the original plan.

 

Financial Analysis

Listed for   $169,900
Purchase Price   $155,000
Closing Costs   $2,550
Estimated Renovation & Holding   $105,000
Set-up Fees   $3,000
Finders Fee   $1,500
Prop Taxes, Reserve Finders Fee & Staging   $4,500
Reserve   $5,000
Est. All-in   $276,550
     
Target Selling date   7/31/2017
Target selling price   $375,000
Sales commission 5.0% $18,750
Sales expenses 2% $5,625
Projected Profit   $74,075
     
Project ROI   27%

 

Profit Sharing

Investor(s) 55% $40,741
Local team 20% $14,815
Simply Do It (Facilitator) 25% $18,519
     
Investor’s Return On Investment (ROI)   14.73%
Duration (months)   6
Annualized ROI   22.10%

 

COMPS
COMPS MAP

 

Type Price BLC # S Address City Bds Bths Total Sq Ft Acres Yr Blt Bsmnt
SFD $345,000 21440167 Act 2002 Carrollton Avenue Indianapolis 4 3 2,800 0.08 2017 No
SFD $360,000 21442176 Act 2010 Carrollton Avenue Indianapolis 4 3 3,200 0.08 2017 No
SFD $379,900 21468353 Act 2009 North College Avenue Indianapolis 3 3 3,143 0.16 2017 Yes
SFD $399,900 21453196 Act 1820 Carrollton Avenue Indianapolis 5 4 3,278 0.12 2016 Yes
SFD $350,000 21409943 S 2353 North College Avenue N Indianapolis 3 3 3,392 0.16 1900 Yes
SFD $370,000 21439852 S 1808 Carrollton Avenue Indianapolis 4 4 3,304 0.12 2016 Yes
SFD $371,311 21449586 S 2309 North College Avenue Indianapolis 2 3 3,770 0.16 2016 Yes

 

List of COMPs Properties

2045 Carrollton Ave List of COMPs

Inspection Report

2045 Carrollton Ave Inspection Report

 

Documents
Address: 2045 Carrollton Ave
State/County:
Zip: 46202
Country: United States
Property Id : 901
Price: $ 276,550 All-in
Property Size: 3,500 ft2
Property Lot Size: 10,890 ft2
Year Built: 1895
Rent (mo): 975
ROI (ann): 27
Property Taxes (mo): 194
Insurance (mo): 250
back yard
front yard
walkscore57 / Somewhat Walkable more details here

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