9/27/23 – HUD Video Summary – Settlement statement attached. I removed the Realtor Admin Fee to eXp Realty, LLC of $315 because the Purchase Price is so low. As an eXp agent, this is a fee I pay to the Broker. Total Wire Amount: $35,215.07.
8/17/23 – You’ll find the link to the walk thru photos below. The property is a 2/1 and located in a D location. I think the property needs to be renovated particularly because it’s not in the worst shape but whatever work has been done has been done to a lesser quality. The tenants informed me they’ve only been there 3 months, so I’m not sure how much they’re paying and how that compares to market rent. That would dictate if you did any work now or later. They also pointed out how they installed new flooring in the dining area and have plans to do some interior and exterior painting if allowed. Whenever you do the work, I think you’d be looking at installing new flooring, painting inside and out, installing new flooring, installing new kitchen tile and countertops, installing central heat/air, replacing most of the windows with trim, and other miscellaneous repairs. To do that, you’d be looking at a ballpark estimate of 40-45k (this INCLUDES the fee). See summary below.
Roof: I couldn’t get a good beat on the roof but there no signs of active leaking, so I think we could keep it.
Exterior: I think the exterior needs to be pressure washed and painted. We also would need to replace 9 of the windows including the trim.
Interior: The interior has had some work done to it, but the quality is not very good. The flooring had the edges peeling up and the bathroom needs to be renovated. I think we could salvage the cabinets but would need to get new countertops and kitchen tile. We’d also need to paint the interior and do some work to the ceiling.
Mechanical: The water heater was fairly new and working at the time of the walk thru. The property only has central heat via a floor furnace and the tenants are using window units. I’d recommend upgrading to central heat and air.
Electrical: The property was on breakers and the power was on.
Gas: The meter was present and unlocked.
Pictures: Walkthrough Inspection
Confirmed market value: $113,400 to $117,600
Actual current rent: $750
Market rent: $895 to $995
Current Renter Deal Analysis: CURRENT RENTER
Deal Analysis: WORST CASE SCENARIO → ANTICIPATED SCENARIO
Closing Date Scheduled: 9/26/2023
Total Cash Outlay: $37,500