Property Description:
84 Thompson Street Salem NJ 08079
1266 Sq Ft
1/2 Duplex
ASKING - $15,000.00
Comparable Sales: Other 4+ Bed Properties
1 Meadowside Lane Salem NJ 08079 - Sold for $115,000.00 - $82.56 Price per Sq Ft
169 Cook Ave Salem NJ 08079 - Sold for $142,000.00 - $94.86 Price per Sq Ft
200 Pine Ave Salem NJ 08079 - Sold for $135,000.00 - $102.43 Price per Sq Ft
AVG PPSF: $93.28
Flip Profit:
After Repair Value Calculations:
$93.28 X Sq Ft 1266 = After Repair Value of $118,092.48
Repairs:
Full Gut - $70K - $80k
Potential Flip Profit:
$118K ARV Minus $80k Repairs Minus Closing Costs $10k = $28K
$28k Minus $15k Acquisitions = $13k Profit on a Flip!
Landlord Profit:
Expenses Per Month:
Taxes - $159/Mo (Annual -$1,909)
Insurance - $125/Mo (Annual - $1,500)
Maintenance @ 8%/Year of Gross Rents - $112/Mo (Annual -$1,344)
Revenue per Month:
Rent: $1400
Minus Mortgage After Refi- $800
Profit: $600/Mo (Annual - $7,200)