Now Featuring Spotlight Assets – Rehab Opportunity in Tampa, FL
Chaz Guinn with Revolve,
We’re going to be bringing you guys spotlight assets on a monthly basis, because most of the time we know these assets are being buried in excel spreadsheets.
As many of you know Florida has always been a hot demand market, and we want to spotlight this particular property. It’s located in Tampa, FL, it is a 3 bed 2 bath 1500 sq. ft. house, give or take 6,000 or 7,000 sq ft lot. This is a mainstream America property. We have had 2 market valuations done earlier this year, and we are floating the market value between $230,000-$250,000.
We have done most of the legwork on foreclosure because we’re about 5 months away here in early August from the sale date. We’ve done a majority of the legwork for you as the end investor. When you’re looking at “what’s going to be the sale price” “what am I eventually going to do with this house” “do I agree on the market value”? Lets just say, apples to apples we both agree that the property is worth between $230,000-$250,000, you may ask “what’s the occupancy?” This property has been confirmed vacant, we have it locked and secured.
Minor rehab is going to be needed to bring it to a marketable condition. If you’re looking at comps, you’re going to see that as-is the market value is spot on. If you put a little bit of money into this property, you’re going to see that comps are going to float close to $275,000-$300,000. We are looking to sell this give or take 40% discount from the agreed upon market valuation. We feel this leaves you enough room to put some rehab dollars into it, get it listed and marketed properly, and be able to return yourself an exceptional ROI.
We look forward to hearing from you guys as we know you’re ramping up your business with us here in Q3.