Address: call/email for specifics
What we Do NOT Know YET about This House:
- No inspection report
- Condition of roof
- Condition of HVAC
- A Simply Do It agent has NOT seen this house yet
- HOA dis/allows rentals
What Do We Know About This House
- It should qualify for both cash and conventional financing.
- Special mortgage – IF NEEDED we have one that can assist with financing the remodeling cost.
- Good schools in the area are.
- Sitting on the market for a ~45+ days
- 30 minutes from downtown Tampa
- Low crime area
- Based on FEMA’s map – not in a flood area – needs to be confirmed w/ an insurance agent.
- 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 – firstname.lastname@example.org
Agent’s Notes from Visit
Pricing and Other Indicators
|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
- 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
- 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)
- 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.