Great Deal Alert $575,000 - House, Investment Property
For those of you who are into development or investment, here’s one of definite interest. It is one very large (31,000 sq. ft.) parcel that can be split into two (do your own due diligence, of course,) and you end up with two great homes. One home already exists (822 sq. ft.) so you would expand that one. The other one you would build from the ground up.
The location is fantastic and will support two $1 million homes at around 2,000 sq ft. Here are the numbers:
You make $2 million on the back end.
Deduct $200,000 for hard $ fees, closing costs, etc.
You pay $575K for the land, $250K to rehab and expand the existing home, $450K to build the second home, and you end up with a profit of $525K with a two-year turnaround. Of course, these are all educated estimates on my part and you have to do your own homework, but I think I am right in the ballpark here.
Let me know if you are interested or know someone who might be.