Jasper Street
Purchased: July 2023
Price: $120,000
Terms: Subject-to debt bal of 61K, 30-year, 3.8%
Exit: Sell into the next run-up
Overview: This home needs some TLC but is cheap. We have found several interested tenant-buyers that have wanted to purchase it for little money down and fix it up and get the equity out when they sell. The monthly debt payment is so low that we can afford to lease it NNN for a long time until there is significant growth in the neighborhood.
Exit Plan: Comps have hit 170-220K for similar homes in flipped condition. Right now the home is leased and the tenant has put down a deposit to purchase at appraised value at some point in the future. They hold the exclusive right to buy. We will monitor them and assist in getting them a 30-year mortgage to buy us out of the home.