Property Info
This 3 bedroom 1 bath starter home in the heart of St Pete offers an unparalleled opportunity for an investor to come in with minimum down and get a deal done. Read to the end to find out the best part about this project. . .
Background: The owner's inherited this property and put it on the market a few months ago. The home went into and fell out of contract. The property has a foundation issue and requires underpining on the rear wall.
The sellers have included a foundation quote from Ram Jack for $15,000 to underpin the foundation with helical piles. Even better news is that the foundation company is offering 12 month no interest and no payment financing. If approaching this project as a flip, you can essentially pay down the foundation repair at re-sale, interest free.
Beyond the foundation, the home needs a full cosmetic renovation. New floors, interior exterior doors, 8 replacement windows (some have already been finished) interior and exterior paint, new A/C and new Hot Water Heater. Roof was replaced in 2021 so no worries there.
Comps in the neighborhood are up to $415,000, but my conservative resale estimate is at $400,000.
Now get ready for the best part:
The sellers are open to offering owner financing. I've already engaged them in negotiations, and with 20 percent down they are willing to offer a 5 year balloon term note at between 6.5 and 8% (Interest rate to be decided at contract). Not only does this save on hard money rates, but avoids any origination fees on a loan. Doc stamps and intangible tax will still need to be paid at closing, but there are still significant saving s to the bottom line on this deal.
Call or text me today at 813-591-0569 to find out more and work on a strategy to submit an offer.
Notices and Disclosures
All information contained in the Dispensa Properties LLC “Deal of The Day” is deemed accurate but YOU MUST VERIFY ALL INFORMATION PROVIDED INDEPENDENTLY. only. Any information regarding specifications, characteristics, or condition of this property, neighborhood, or investment strategy (including, but not limited to: estimated rehab costs, as-is property square footage measurements, or proposed expansion through construction) is an unverified assumption of the broker or its affiliates based on limited information and must be verified independently for accuracy. Broker and its affiliates assume no liability whatsoever for the accuracy of any estimates, information, or photo/video provided. Buyer is required to conduct their own due diligence.
Status: Many of the properties analyzed on “Deal of the Day” are currently listed On Market with cooperating brokers. The analysis of these properties is provided to give buyers a convenient way to study properties that may offer investment potential. Addresses are withheld until buyer has engaged broker’s services to submit an offer.
Target Price: The target price represents a price point at which the broker believes the seller may elect to enter in a contract to sell the property. The target price is not a guarantee that the seller will accept this price not is it an offer to sell the property at this price. The target price is merely the broker’s best opinion of a price point upon which would offer the best chance for the buyer and seller to reach an agreement. The data used to generate this number includes: comparable sales, estimate of renovation costs, existing mortgage liabilities, time on market, and any other factors potentially affecting the value of subject property.
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