This 3 bedroom ranch needs some TLC, but what a great location. Priced to sell quick. There is a 2 car detached garage and a large lot. Electric has been upgraded.
Location: Austintown, OH (Very Good Location)
Listing Price: US$24,900
Buyer Acquisition Fee: $1,500 (Including Project Management Fee for Renovation)
Tax Assessment Price: US$20,600 (2013)
Sq.t Ft: 1,014 sq.ft
Garage: Detached (2 spaces)
It needs major updates – but it is a smaller property – so the updates should be reasonable.
1. Basement needs to be inspected by the inspector
2. Electrical has been updated – but furnace / AC needs to inspected as utilities have been turned off.
3. Roof condition is unknown and would require professional inspection.
1. Roof (Optional): $3,500
2. Furnace (Optional): $1,500
3. Painting: $1,500
4. Carpet & Flooring: $1000
5. Flooring: $1,000
6. Kitchen Update: Stove plus cabinet repainting and repairs: $1,200
7. Bathroom Update: Approx. $2,000 – we don’t think it needs a complete rehab
The above cost excludes potential repairs maybe required for basement – this is subject to inspector opinion.
Estimated (rough): $10,000 to $12,000
Savings can be achieved if roof is in acceptable condition, and also furnace.
Comparable sales in this area – properties around 1,000 sq.ft are priced at around $50,000 to $60,000 range around this neighborhood, there was a house sold for $65,000 in this area reasonably. This property was sold for $57,400 back in 1999, and price had been climbing in this area to around 1999/2000 level.
As a conservative target – we believe the ARV will be around $55,000 range.