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Hybrid Home: Needs Some TLC. Projected Cashflow $620/mo. 30 Mins from Tampa.

Offer+Remodel $ 220,000
txt/email for details, ,
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747
Hybrid

Available units

Property Description

Address: call/email for specifics

What we Do NOT Know YET about This House:

  1. No inspection report
  2. Condition of roof
  3. Condition of HVAC
  4. A Simply Do It agent has NOT seen this house yet
  5. HOA dis/allows rentals

What Do We Know About This House

  1. It should qualify for both cash and conventional financing.
  2. Special mortgage – IF NEEDED we have one that can assist with financing the remodeling cost.
  3. Good schools in the area are.
  4. Sitting on the market for a ~45+ days
  5. 30 minutes from downtown Tampa
  6. Low crime area
  7. Based on FEMA’s map – not in a flood area – needs to be confirmed w/ an insurance agent.
  8. Foreclosures property – no seller discourses provided

Your Next Step

Want to Understand the flow of buying a hybrid property? see the flow chart here

Contact Simply Do It – meet@simplydoit.net

Agent’s Notes from Visit

  • N/A

Pricing and Other Indicators

Market Value $240,000
Asking $200,000
GAP -$40,000
SDI’s suggested Offer $180,000
Offer-Asking GAP ($) -$20,000
Offer-Asking GAP (%) 10%
Offer-MarketValue Gap ($) -$60,000
Offer-MarketValue Gap (%) 25%
Days on Market 45+

 

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 

 

Notes from Listing (seller’s) Agent/Owner

House needs:

  • New water heater
  • Paint throughout
  • One AC condenser is not working (service or replacement)
  • There is some mold presence from a roof leak
  • New carpets/flooring
  • Roof inspection
  • Claims HOA has no rental restrictions

 

Agent Notes

  • Properties in good condition but not updated are selling for $85 to $95 per square foot.
  • Properties that are nicely upgraded are selling for a hundred to $112 a square foot.
  • Rents in the area, for an updated house, are going for $1,800 to $1,900 a month for this size Home.
  • New roof
  • New flooring
  • New paint
  • At least one AC is bad
  • No active rental available right now, and approx. 7-8 ones were rented recently.
  • Note: Buyer must pay all closing cost

Photos Taken During SDIs Agent Visit (6/11/2020)

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.
Address: txt/email for details
City:
State/county:
Zip: 33569
Country: United States
Open in Google maps
Property ID: 21439
Price: Offer+Remodel $ 220,000
Property size: 2 866 ft2
Property lot size: 6 346 ft2
Bedrooms: 4
Bathrooms: 2.5
Year Built: 2005
Garage: Garage
Garage Size: 2
Rent (mo): 1850
ROI (ann): 19
Cashflow (mo): 620
Property Taxes (mo): 160
Insurance (mo): 100
Repairs (mo): 75
Management Fee (mo): 167
Leasing Fee (ann): 740
HOA (mo): 19
Vacancy Rate (ann): 4
back yard
fenced yard
walkscore85 / Very Walkable more details here

2 thoughts on “Hybrid Home: Needs Some TLC. Projected Cashflow $620/mo. 30 Mins from Tampa.

  • DI
    on June 10, 2020

    Few questions on this property, if still available,

    Do the $20K/$25K improvements include replacing the and AC unit as the worst case if needed?
    In the excel sheet, i see $5500 as ‘other Fees at closing, what are these for?
    I prefer properties without HAO, but this one seems very low. If the property manager handles the HOA payment, is there a chance that it will significantly increase (like a couple of hundreds) because of any improvement that the neighborhood wants to do?

  • Simply Do It
    on June 10, 2020

    1. SDI’s agent plans to visit the property tomorrow (6/11/20) morning.
    2. It is still available although we have an investor who plans to make an offer – he’s waiting on some answers regarding the special financing program.
    3. The $20k-$25K remodeling takes into account the HVAC BUT at this point, this is only a rough estimate budget. ONLY after an inspection is done + scope of work is created we would know the actual cost.
    4. This is a new and premiumproduct/service Simply Do It is offering.
    Since finding such properties and the time needed to lineup/coordinate more vendors plus the higher yield potential to you we are charging a higher fee than the regular rental property.
    5. HOA: Will have to check w/ the PM about paying the HOA (HOA payment are typically once or twice a year so even if PM doesn’t provide this service it is rather simple)
    6. HOA fee increase is typically a result of increase in labor and materials. The decision is up to the board of homeowners and if the majority of homeowners decided to increase the fee it will come out of their own pocket too. With that said I rarely saw an increase in HOA fee or a significant one, but that can happen.

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