Wholesale Price: $320K (OBO by Oct 28th)
As-Is Value: ~$370K
Single Family Detached homes in Cambridge command upwards of $450K, so there is a lot of meat on the bone here to allow for several exit strategies. We’re talking about $50K+ of built in equity on the buy!
You could keep it as a cashflowing duplex; renovate the units to a modern standard to command strong rents and then get most of your original investment back on the refinance.
Alternatively, you could convert it back into a 3 bedroom SFH as a flip. Detached homes in Cambridge are currently going for well over $500K.
The market for entry-level single family homes in Cambridge is super hot right now, with significant price appreciation and most homes going over asking.
- Legal Non-conforming duplex (as per seller, registered as a duplex in GeoWarehouse, photo attached – buyer to verify)
- 2 Bedroom Duplex (2 1 Bedroom units, could be 3 bedrooms as SFH)
- 2 Bath
- Total Above Grade: approx 1300 sq ft (not provided on GeoWarehouse)
- Basement: ~500 sq ft, no visible signs of moisture, ceilings just over 6″ (laundry room, storage area, and potentially a children’s bedroom)
- Eat-In Kitchen
- Private Driveway with parking for 2 cars
- Hot Water Tank rented
- Owner Occupied = Vacant Possession
- Electrical: Fuse Box
- Heating system: Furnace is owned
- Windows: some new vinyl windows, some older windows
- There is a small amount of moisture coming in above the main staircase (source unclear, but there is a window above the front door that could be the cause)
Potential Property Upgrades:
- Full cosmetic renovation
- Upgrade electrical to breaker panel
- New Roof
Below are AS-IS Comparables that have recently sold. They are in better condition than our property, but would still require extensive remodeling to be suitable to modern tastes and tenant expectations.
- Bungalow, with one bathroom. Much of the house is dated and requires updating though the kitchen is fine as-is. built in 1897
- Bungalow with carpeting through most areas. It’s not quite as dated as ours, but still needs full cosmetic reno i.e. new floors, fresh paint, new kitchens bathrooms etc.