Investor Alert! Here is an Indymac foreclosure that we just put on the market for 116K last night. We already have cash offers and I think it will take 120-125K to get the property. It has some nice updates-kitchen, roof, etc.. but has a small area of mold in the basement and the bathroom has to be remodeled. It is a great price though, and it would be cash flow positive if you got an investor loan on it. See how the #s break down below:
Purchase price of 125K with 25% down = $31,250 down, $93,750 loan amount.
$93,750 @ 5.75 interest rate, 30 year fixed = $547
monthly taxes = $120
Hazard insurance = $50
Total Monthly outlay = $717
Average monthly rent = $1300/mo
Total positive cash flow = $583 a month.
*I think it would take about 5-7K to get it to average condition and able to be rented for this. Could be less but I think this is pretty accurate.
Click the following URL to see the listing:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=36530881318
Let me know if you need more info or would like to see it.
No comments:
Post a Comment