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D.I.R Investment: Great House Needs Some TLC. Projected Cashflow $550/mo. $90k Below. 30 Mins from Dallas

Suggsted Offer $ 235,000
617,
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Property Description

Address: call/email for specifics

What Do We Know About This House

  1. CASH purchase – you can refi once the house is rented/in the future time.
  2. Simply Do It’s the agent has visited the house – walkthrough video below.
  3. Schools in the area are you not great but do work – a very nice small community.
  4. HOA is $16 a month
  5. House is bank owned
  6. Sitting on the market for a while (~200 days)

Agent’s Notes from Visit

  • Really big house
  • Needs cosmetic work but it looks to be in a really in goods shape
  • Requires:
    • Paint throughout the entire house
    • Flooring throughout the entire house
    • Will need to be verified/possibly a new roof
    • Will need to be verified/possibly a new HVAC
    • NOTE: Seller Disc. statement states that new HVAC and new roof are needed – but the buyer will need to confirm.
  • No bad odors
  • No fridge
  • An oven door seems bad – would need to be replaced
  • Cooktop new/or clean
  • Good cleaning
  • Only 1 sheetrock small crack was spotted – nowhere can major cracks can be spotted
  • Although school ratings a bit low the houses lease fast in that area.

Pricing and Other Indicators

Zestimate $328,000
Asking $264,900
Gap -$63,000
SDI’s Suggested CASH Offer $235,000
Offer Asking Gap -$30,900
Offer Zestimate Gap -$93,000
Offer Zestimate % 27%
Days on Market 220+
Rent Zestimate $2,300
Rent/Price 0.87
Estimated NOI 1466
NOI/Price 0.55
Beds 5
Baths 4
Area  4,367
YearBuilt 2006
LotSize 7,797

 

Your Next Step

Contact Simply Do It – meet@simplydoit.net

 

What is a D.I.R – Diamond in The Rough – Investment Property?

Profit from Properties that Slip Through the Cracks

Some properties fall between the cracks – this one is an excellent and very rare example.

What does “between the cracks mean?

A retail buyer or an investor who uses a mortgage would NOT be able to purchase this house. This house will not be qualified by an appraiser, reason being – it needs some work in order to pass appraisal. This level of work, although is not something every buyer is willing to do, are you merely because of the cost associated.

House flippers may not see enough profit margin and will pass this one over.

This creates a great opportunity for a cash buyer who is willing to do some work on this house and make it livable.

As a buyer who has the ability to buy cash, you should see this “slipping through the cracks” as a great opportunity.

Personal note: I need to look at more than 300 houses to see one with all this upside potential.

D.I.R Fee: 2% with a minimum of $3,500 + regular Simply Do It fees applicable 

FAQ

  • Who will do the work?
    Simply Do It’s vetted local team will handle the work
  • Is this a full/complicated rehab project?
    No. As much as we can tell it will require a painter, flooring, roofer, HVAC, misc. other items (handyman)
  • Do you have an inspection report?
    No. Buyer will need to hold an inspection once under contract
  • Can I buy remotely/sigh-un-seen?
    Yes. Simply Do It has vetted, trusted teams on the ground including property manager, Realtor, and lender.
  • Do you provide ANY guarantees?
    No. This is an investment and there are no guarantees. We will do our utmost to help any buyer as we have assisted in more than 4500 transactions nationwide for 16+ years.
  • Do I have to hold this house all cash or can I refi at a later time?
    Refi at a later time should work, once the house is rented (or rent ready). Refinancing terms will be determined by a lender of your choice – we can provide a lender if you need one.

 

 

 

Address: 617
State/county:
Zip: 75202
Country: United States
Open in Google maps
Property ID: 21218
Price: Suggsted Offer $ 235,000
Property size: 4 367 ft2
Property lot size: 7 797 ft2
Bedrooms: 5
Bathrooms: 4
Year Built: 2006
Garage: Garage
Garage Size: 2
Rent (mo): 2300
ROI (ann): 19.5
Cashflow (mo): 550
Property Taxes (mo): 447
Insurance (mo): 125
Repairs (mo): 75
Management Fee (mo): 100
Leasing Fee (ann): 1150
HOA (mo): 16
Vacancy Rate (ann): 4
fireplace
back yard
fenced yard
walkscore84 / Very Walkable more details here

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