Investors below Mkt Price Great Potential Here 1.5 Story Plan w Lrg Upstairs Game room and Study. Needs cosmetics, Foundation and Plumb Repairs. Has 1 car Parking gar + Sto- cld be converted to make 2 car gar. Good sized backyard, 8 ft wood fence, beautiful mature trees. Close to Schools, Park and DART Rail Line. AS IS, Sale only cash offers will be considered.
Recent Sales in nearby area:
1528 Jasmine Ln (Sold in a month): 1130 sq.ft / $135,000
1529 Jasmine Ln (Sold within a month): 1548 sq.ft / $155,000
2001 Hawthorn (Sold within a month): 1365 sq.ft / $134,000
Condition:
1) Foundation problem is evidenced everywhere
2) Property needs a major cosmetic update
3) 2 story home – which is one of the largest homes in the area
4) Kitchen needs update
5) Bathroom needs major update
6) New carpet required
7) Messy – books, video tapes everywhere – lifetime hoarder 🙂
8) Some leaks upstairs from roof, but looks like it has stopped
9) They will consider cash offers
10) Discount Factor of 40% to 45% from market price
Pros
1) Nice area, very leafy and peaceful area
2) 4 Bedrooms – 3 downstairs and 1 upstairs
3) Potentially 5th bedroom – there is a large size study downstairs which looks like it can also be a bedroom
4) Formal dining room which is unusual in this area
5) 2 Full bathrooms
6) Upstairs has a open Game Room (very large) and also a good size bedroom
7) Separate A/C upstairs
Estimate Renovation Cost: Approx. $20,000 to $25,000 (Est) Only.
Major Cost Factors:
1) Foundation: At least 10 walls require foundation repairs.
2) 2 Bathrooms all need complete re-done
3) Kitchen – maybe OK just to update (cabinet and counter tops), but kitchen floor appears to be unsettled and leaning to the front.
Wild Factor
This is a big house with a large roof – and multiple roofs – if roof needs to be replaced completely, there could be additional $10,000 cost.
Facts:
Purchase Price: $115,000
Best Case: Renovations: $20,000
Worst Case: Renovations: $45,000
Likley sell price range: $90 to $100 per sq.ft
Likely Sell Price: $180,000 to $200,000
Please make decision soon as this deal is likely to attract other investors.
Thomas Su
Realtor
Keller Williams Realty
(469) 347 1839
