Over the past several months, there have been some very attractive properties for sale in the South Florida area.
Here's a few that I have recently been working on:
Property 1
Duplex Located in Delray Beach, FL
Estimated Value: $120,000
Offer: $64,000
Gross Income from Rents: $1,450 per month ($17,400 per year)
Type of Financing: Cash Buyer
Type of Sale: Short Sale which was approved and closed within 90-120 Days
Gross Cash on Cash Return: 27%
This home, a few years ago, had a mortgage in excess of $200,000
Condition of Home: No initial work on property required
Property 2
Single Family Home Located in Delray Beach, FL
Estimated Value: $60,000
Offer: $35,000
Gross Income from Rents: $800 per month ($9,600 per year)
Type of Financing: Cash Buyer
Type of Sale: Short Sale which has been approved (within 45-60 Days)
Gross Cash on Cash Return: 27%
Condition of Home: Property could use cosmetic upgrades but it's not "required"
Property 3 (available)
Single Family Home
Estimated Value: $124,000
Current Gross Income from Rents: $1350 per month ($16,200 per year)
Type of Financing: This property may be able to be financed
Type of Sale: This is a short sale with has been previously approved by the Seller's Lender
Projected Gross Cash on Cash Return: 13%
Condition of Property: Property could use cosmetic upgrades but it's not "required"
Propery 4 (available)
Single Family Home
Estimated Value: $175,000
Price: $170,000
This home has been pre-approved via a cooperative short sale from Bank of America. It is located in Wellington, FL. This home is located on a corner lot, has a small pool, 3 bedrooms, 2 baths and has a nice sized yard. You may be able to rent this unit out and return around 10% (gross). This home needs some cosmetic upgrades.
Prices, in some areas, continue to fall. Please contact me, or your local Realtor/Realtor of choice, if you should have any questions regarding the home sale process.
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