Loan amount
$46,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$56,000
{PP:$55,900}
LTV
82%
{LTV}
Property type
Single Family
Borrower Details
Credit score
659
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Terre Haute
State
Indiana
Loan Details
Purchase price
$55,900
Down payment
$10,000
Additional Loan Information
2bdrm, 2 bth 2 story home that can be used as one unit or two. The lower level is a 1 bdrm, one bath with a full kitchen, living area, and utility room. There is a second entrance to the upstairs that is set up as a efficiency with bed, bath, kitchen. New carpet upstairs and new laminate downstairs. Minor updates to be rent ready. Based on comps, each unit could rent for approximately $500 or more totaling approximately $1k. I’ve done my research on the area and Terre Haute is a good rental community. I’ll use money I have in stocks for the minor updates. I am not under contract so if this home is not available, there are a few others with similar list prices, required updates, and rental income potential.
Status
Closed
Created
January 11, 2022 - 9:00pm
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