Loan amount
$152,000
Loan type
Purchase {Fix&Flip}
After Repair Value
$310,000 {PP:$120,000}
ARV
49% {ARV}
Property type
Single Family
Borrower Details
Credit score
760
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Occidental
State
California
Loan Details
Purchase price
$120,000
Down payment
$18,000
Cost of improvements
$50,000
Estimated property value after repairs
$310,000
Additional Loan Information
A great fix and flip opportunity in a popular area in Sonoma County. The house is for sale under probate and is at a very aggressive ask of $120,000. The house is small at 1 bed 1 bath 638 Sq ft on a 2700 sq ft lot. I have done plenty of market research in the area and believe this property can be fixed and flipped to someone looking for a vacation home or to rent it as a short term rental, these do very well in the area. Looking at comps, there are 3 properties in the same neighborhood, one which is on the same street that sold in the last year. The 3 properties have similar build dates and are all sitting at less than 1,000 sq ft. These properties sold at $300k, $431k, $355k. There are plenty of other recently sold properties in the area, many of which are listed on Air BnB. This home is approximately 4 hours away from my primary residence, making it a simple trip to go down there when needed. I believe with a little TLC this property has potential to sell at upwards of 3x it's asking price.
Status
Created
March 8, 2024 - 5:51pm

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