PalmBeachRehabDeals.com

Great Cashflow Deal for Less Than 50% of Tax Value! - Asking $103K 

2 CBS houses, built 1957, both with new roofs, on one corner lot.  Main house is 2 bed/1 bath, Guest house is 1 bed/1 bath (has a kitchen).  Located in historic Lake Worth in redeveloping area, new construction nearby.  Main house is rented to a month-to-month tenant who’s been there 5 years, has a history of on-time payments, and is paying $800 per month.  The guest house is currently vacant and needs work before renting, but once fixed up, should bring in $500 per month.  The main house could rent for $900+ once some repairs are made.  That brings total potential cashflow to $1,400+ per month!

REPAIRS

Main house – In rentable condition.  Does not have central A/C and could use an electrical upgrade.  Cosmetics at your discretion.  Has some jalousy windows.  Has a new roof.  Est. repair cost is $13K.

Guest House – Needs drywall from prior ceiling damage, flooring, windows.  Does not have central A/C, but electrical has been upgraded to breaker box.  You can probably save the kitchen cabinets.  Has a new roof.  Estimated cost of these repairs is $12K, making total repair estimate for both houses $25K.

PICTURES – Main House

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front of house

PICTURES – Guest House

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front of house

Recomended Strategy – The 2 houses are a real advantage with this property.  Since the guest house is in need of more repair before it’s rentable, you might want to fix that up while keeping tenant in place in the main house.  Once guest house repairs are complete, rent out, then move on to any repairs you want to make to the main house. 

Comps - they support a value of $200K+; tax value from county is $208,700.  That makes the Asking Price less than 50% of tax value!  For a full set of comps in pdf format, send a request using the Contact Us form on right hand menu. 

Map

Terms – Cash or Hard Money only.  If you need hard money lenders, I can direct you to some. 

Access to Property – Drive-by, then call for an appointment to view. Do not disturb the tenants. We can be reached at (561) 339-5885 or through the Contact Us form on the right side menu.