Currently two 1/1’s (Convertible to 2/1’s) 1800 sqft.
The unit on the right is being rented out month to month and the left side unit is currently vacant. This is an old house but seems to have very solid bones and a great foundation to build a cheap high ROI rental property.
One Option would be to do the bare minimum in rehab to get the property ready to rent as is, two 1/1’s These units should rent between 650-700 per month in this configuration. Approximate rehab budget here would be 15k.
Another Option is to convert into two 2/1’s to drastically increase rental rates. Approx 40k necessary for this type of rehab. Exterior is in good shape, vinyl siding is good, can use some paint and a back porch. Roof needs replaced (House next door was 5k for roof.). Interior needs a wall removed and kitchen moved into open kitchen dining living area with previous kitchen being 2nd bedroom. (Other identical houses in the area have adopted this floorplan.) Needs paint and flooring. 800-900/mo this way.
Comps in the area:
Rental: 37 Branch St Gainesville, GA 30501 For Rent $900/mo
Rental: 33 Branch St Gainesville, GA 30501 For Rent $850/mo
Rental: 46 Quarry St Gainesville, GA 30501 For Rent $900/mo
As with all our deals, $5,000 earnest money deposit required to secure. We are happy to work with realtors, please add your commission on top of the asking price.
All offers must be able to close within two weeks, cash highly preferred but we may work with hard money lenders as well.