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Friday, February 17, 2012

Investment Opportunity: Oakbrook Fixer in Lakewood!

6:23 PM

Bedrooms: 5
Bathrooms: 2.75
Building Sq Ft: 3702
Tax Assessed (2011): $309,300
Lot Sq Ft: 11,683
Year Built: 1964 (effective year 1975)
Garage: attached 2 car

This property is in the desirable Oakbrook golf course community, surrounded by three golf courses, near Lake Steilacoom and two nearby parks. Houses like this do not come on the market very often. Currently this property needs a little work to get it market or rental ready:
- Roof
- Windows
- Refinish Hardwoods
- Install Kitchen
- Update bathrooms
- Interior / Exterior Paint
- Trim / Mill Work
- Spruce garage
- Landscaping
I have licensed, bonded contractor bids for $60,000 - $73,000 to do this work. House has been inspected and sewer scoped, and those reports are also available to investors/buyers.

Total Investor Acquisition = $160,000

PHOTOS – Click on link or cut and paste into browser
https://plus.google.com/photos/111966577552026249795/albums/5710289489418080257

Fixed Up Value = $315,000

Comps Used:
$314,000 - 7814 76th St Sw, Lakewood 98498 5br/2.75ba 3603sf YBT: 1964 Lot sz:9355sf sold 07/29/11 slightly smaller house and yard; but same Oakbrook neighborhood and builder
The four other (all smaller) sales sold in the last six months within 1/4mi went for $108.95/sf on average. That would make the value of this property $403,332.
NWMLS Realist places the fixed-up value at $330,521 (range is $281K -$381K).

Exit Strategies:
Flip: If $75,000 is spent to remodel the house completely, the investment will be into the property for $235,000. At a sales price of $315,000 - $28,350 (selling cost) - $235,000 = a net profit of $51,650.00!

¬Rental Income: Median rent is $1650 / month, depending on upgrades.

Based on a mortgage of $1536/month (a loan amount of $225,000 dollar loan with a rate of 5% with tax and insurance), the potential is to cash flow $114 a month.

If interested in purchasing or investing in this opportunity, please message me privately at HomeLandInvestment@gmail.com

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