#190: Jacksonville $69k fixer. ~$43k net at list

OPPORTUNITY

At list $69,000: cash in $8,970. Rehab $60k lender-funded. 12-month hold, interest included. Net about $43.0k. 479% ROI. On a 6-month hold it nets about $49.1k. Active $69,000 Woodhaven Park fixer, new on 10/20. 4 bd / 1.5 ba, 1,232 sf, built 1929. Roof from 2015, city water and sewer. Sold comps: 2289 Lewis St $206,400 (0.07 mi), 61 Watts St $220,000, 729 King St $210,000, 2319 College St $171,500 (low anchor). $195k ARV sits under the three $206k to $220k sales. Riverside $300k+ sales left out. $60k rehab (about $49/sf): full interior plus a 1929 systems allowance. Roof stays. Sold comps: 2289 Lewis St (https://www.zillow.com/homedetails/2289-Lewis-St-Jacksonville-FL-32204/462022857_zpid/); 61 Watts St (https://www.zillow.com/homedetails/61-Watts-St-Jacksonville-FL-32204/44447035_zpid/); 729 King St (https://www.zillow.com/homedetails/729-King-St-Jacksonville-FL-32204/44471737_zpid/); 2319 College St (https://www.zillow.com/homedetails/2319-College-St-Jacksonville-FL-32204/44488828_zpid/).

RISK

Parcel split: listing is lot 15 only. Lots 13 and 14 sell separately as land. Get survey and title. Listing says probate still has to be completed. Confirm timing and who signs. 35-ft lot narrows the buyer pool at resale. Stress hits zero near $90k. Plenty of room over list, but don't chase it.

VERDICT

Feature. Cheapest entry and fattest margin on the board. Walk away at about $90k.

OPPORTUNITY

At list $85,000: cash in $11,050. Rehab $60k lender-funded. 12-month hold, interest included. Net about $29.9k. 270% ROI. On a 6-month hold it nets about $36.7k. Active $85,000 investor special on the Near East Side, about a mile from Nationwide Children's. 2 bd / 1 ba, 1,224 sf, off-street parking. Electrical and water heater already newer. That money stays in your pocket. Sold comps: 404 Berkeley Rd $185,000, 572 Bulen Ave $185,000, 1797 E Fulton St $267,000, 697 Miller Ave $265,000. $200k ARV assumes a 2/1 exit. A second bath is upside we don't count. Sold comps: 404 Berkeley Rd (https://www.zillow.com/homedetails/404-Berkeley-Rd-Columbus-OH-43205/33856337_zpid/); 572 Bulen Ave (https://www.zillow.com/homedetails/572-Bulen-Ave-Columbus-OH-43205/33826876_zpid/); 1797 E Fulton St (https://www.zillow.com/homedetails/1797-E-Fulton-St-Columbus-OH-43205/33836429_zpid/); 697 Miller Ave (https://www.zillow.com/homedetails/697-Miller-Ave-Columbus-OH-43205/102257375_zpid/).

RISK

Comps split: about $185k for 1-bath, $265k+ for 2-bath. A 2/1 can land at the low end. 70 days on market. Others have passed, so walk it for structure and foundation. Stress hits zero near $94k. List or close to it.

VERDICT

Feature. Clears stress at list. Walk away at about $94k.

OPPORTUNITY

Headline is the $90k bid, not list. List $100,000 nets about $13.8k (106% ROI) but fails stress. At $90,000: cash in $11,700. Rehab $55k lender-funded. 12-month hold, interest included. Net about $25.0k. 214% ROI. On a 6-month hold it nets about $31.8k. Active $100,000, new on 10/21, as-is. 3 bd / 1 ba, 1,512 sf, hardwoods, walkout basement, two enclosed porches, detached 2-car garage. Sold comps (MLS closed): 609 N Sunset Dr $214,900, 1610 N Trail Ridge Dr $219,950, 1701 N Kiger Rd $185,000, 1604 N Emery St $135,000 (low). $195k ARV assumes a 3/1 exit. Basement finish and a 4th bedroom are upside only. $55k rehab (about $36/sf): kitchen, bath, floors, paint, mechanicals, exterior. Sold comps: 609 N Sunset Dr (https://urbancoolhomes.com/home/609-n-sunset-dr-independence-mo-64050-81305c0f); 1610 N Trail Ridge Dr (https://urbancoolhomes.com/home/1610-n-trail-ridge-dr-independence-mo-64050-f2003004); 1701 N Kiger Rd (https://urbancoolhomes.com/home/1701-n-kiger-rd-independence-mo-64050-970135d4); 1604 N Emery St (https://urbancoolhomes.com/home/1604-n-emery-st-independence-mo-64050-e65409eb).

RISK

Fails stress at list: about -$4.6k at $100,000. Seller closed at $85,000 on 9/18. Expect little give and maybe an assignment or double close. Lot is being resurveyed down to about 0.75 ac. Get the new legal description. Stress hits zero near $96k. Don't go above about $95k.

VERDICT

Bid $90k. List is too thin. Walk away at about $95k.

OPPORTUNITY

Headline is the $95k bid, not list. List $104,900 nets about $19.7k (145% ROI) but fails stress. At $95,000: cash in $12,350. Rehab $75k lender-funded. 12-month hold, interest included. Net about $30.8k. 250% ROI. On a 6-month hold it nets about $38.8k. Active $104,900, cleaned out and ready for a full rehab. 4 bd / 2 ba, 1,360 sf, built 1930. Sold comps: 911 Coleman St SW (same street) $201,500, 698 Garibaldi St SW $248,000, 732 Garibaldi St SW $265,000, 1149 Ira St SW $307,000 (ceiling). $230k ARV sits between the same-street sale and the Garibaldi sales. $75k gut rehab (about $55/sf) includes framing and subfloor repair. Sold comps: 911 Coleman St SW (https://www.zillow.com/homedetails/911-Coleman-St-SW-Atlanta-GA-30310/69346635_zpid/); 698 Garibaldi St SW (https://www.zillow.com/homedetails/698-Garibaldi-St-SW-Atlanta-GA-30310/35890199_zpid/); 732 Garibaldi St SW (https://www.zillow.com/homedetails/732-Garibaldi-St-SW-Atlanta-GA-30310/69346575_zpid/); 1149 Ira St SW (https://www.zillow.com/homedetails/1149-Ira-St-SW-Atlanta-GA-30310/65441909_zpid/).

RISK

Fails stress at list: about -$3.6k at $104,900. Prior notes show a collapsed floor and ceiling. Structure can blow the budget. Showings required, seller's closing attorney required, no wholesalers. Tiny 2,614 sf lot. Stress hits zero near $102k. Hold the line under that.

VERDICT

Bid $95k. Fails at list. Walk away at about $102k.