REDUCED! CHEAPEST House in Sanford

  • House
    905 square_feet
    bedroom 2 Bedrooms
    bathroom 1 Baths
  • Flip/Rental
    $74,900
    Status : Available
    Year Built : 1940
 Description
Price: $74,900
ARV: $160k or new build
Bedroom: 2
Bath: 1
Garage: None
Ext Const: Frame
Built: 1940
Sqft: 905
Ppsf: 84.97
Tax/Yr: 536
Septic/Sewer: Sewer
County: Seminole
Rent = 1000
Gross ROI = 15.6

Property Description:
  Wow check out the cheapest available house in Sanford in maybe the most upcoming area around.  Heritage Park, a $50 million-dollar project is set to break ground in Sanford next year just blocks from this location.  Only 1 block away from downtown Sanford, meaning you can walk to local dining, pubs, and attractions.  Properties on this street are being rehabbed currently, and they around here are re-selling at a premium.  This is the cheapest single-family home anywhere in Sanford at the moment, and one of only 6 that can be had for under $100k at the moment.  Within a 1-mile radius of the property, this is one of only 2 homes available for under $119 per square foot, with the other being a $450k property.  In that same radius in the last 6 months, only 1 house has closed traditionally for a lower sales price or price per square foot.  In the last 6 months, there have been 664 houses to sell in the city of Sanford.  Of those, only 5 have closed traditionally for a lower sales price.  Throw in this location and proximity to Lake Monroe and the future new development, and it doesn’t take long to see the opportunity presented.  This property could be gutted, or a new home could be built in its place.  Great future rental (double digit even after a full top to bottom gut) or AirBNB after the Heritage Park project is complete as well.  With MR3 zoning as well, great potential to build a stacked townhouse, duplex, or other multi-family.

Property Features Include:  Excellent location, lots of parking space, driving access to front and back of property, central AC, large bedrooms with vaulted ceilings, covered/screened front porch could be finished for an addition 125 square feet, zoned MR3 to accommodate multi-family building, parking access from both sides of property (front driveway and rear access from 5th or 6th st),

Flip / Rent Rehab
: 30k-35k
 Rehab Work Needed
 General Amenities
 Distance

 Summary

Overview
REDUCED! CHEAPEST House in Sanford Flip/Rental
$74,900
Property ID: FL190849934
Address: Login to View
City: Sanford
State/Province: FL
Zip Code: 32771
Country: USA


Rental Analysis

+ Purchase Price: $74,900
+ Purchase Closing Cost: $2,247
+ Rehab Cost: $30,000
Total Acquisition Cost: $107,147


Monthly Rent: $1,000
+ Annual Potential Rent: $12,000
- Vacancy (3%): $360
Annual Gross Income: $11,640
Annual Gross ROI: 10.86%


Flip Analysis

+ Purchase Price: $74,900
+ Purchase Closing Cost: $2,247
+ Rehab Cost: $30,000
Total Acquisition Cost: $107,147


+ Selling closing cost: $4,800
+ Agent Commision : $4,800
+ Insurance (6 Months) : $1,000
+ Utilities (6 Months): $1,000
+ Miscellaneous Expenses: $1,000
Total Holding Cost: $12,600


Total Flip Cost: $119,747
Projected ARV: $160,000
Net Income (Profit): $40,253
CAP Rate: 33.62%

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