Steal this Subject-To deal!
This house is in great shape!
a 2005 built, single-family home.
almost 2,700 sqft on a 0.237-acre lot.
This transaction is subject to a current mortgage,
means you are inheriting the current terms and payment.
The current mortgage balance is 405K, with a 3.85% interest rate, and with a monthly payment, PITI of $1215, for 14 years. And a balloon payment of 278K in loan maturity.
In closing, you will have to pay 76K in reinstatement fees.
And 25K as a seller fee. With closing costs, an estimated 109K cash to close.
With an estimated 3 months of holding costs and 5K for the renovation budget, your total cash invested is estimated at 118K.
The profit:
The monthly rent is about $2,750.
Deducting the PITI of $1,215, and HOA fees,
Leaves us with a $1,460 monthly gain.
Detecting another 16% of maintenance and management,
we are looking at a $1,020 FREE CASH FLOW.
12-17K profit per year.
A 10.35% to 14.82% cash on cash!
A yearly tax deduction of appx 20K
And equity upside in the next 14 years.
Comparable sales
Address Lot Size (sq. ft.) Living Area (sq. ft.) Beds Baths Sales Date Sold Price
11730 STONEWOOD GATE DR 8,885 2,686 4 3 10/15/2006 $347,000
1. 11847 LARK SONG LOOP 6,450 2,002 3 2 9/13/2022 $410,000
2. 12608 LONGCREST DR 7,166 2,370 4 2 1/27/2023 $510,000
3. 12911 ASTORWOOD PL 21,504 1,623 3 2 1/21/2023 $340,000
4. 12003 BUTLER WOODS CIR 5,500 1,780 3 2 4/11/2023 $338,000
5. 11519 BALINTORE DR 7,007 2,061 4 2 6/28/2022 $430,000
6. 12912 ASTORWOOD PL 8,500 1,730 3 2 1/7/2023 $240,000
7. 12929 CARLINGTON LN 9,600 2,358 4 3 4/7/2023 $569,900
8. 11572 BALINTORE DR 6,407 1,989 3 2 7/29/2022 $430,000
9. 11553 BALINTORE DR 5,600 1,816 3 2 6/29/2022 $415,000
10. 13003 CARLINGTON LN 8,283 2,826 4 3 6/15/2022 $569,100