Description

$168k equity is yours! Take over payments…

Flip this easy opportunity to step into $168,000 equity. Motivated Seller. This attractive Victorian property needs $40k in repairs/upgrades, that can probably be completed within 3-4 weeks. It’s in pretty good condition on the outside (see pic), but needs cosmetics inside. The property can be had way below market value if you hurry.

560 Minor Avenue
San Jose, CA 95125
(408) 370-9012
Drive by, call Keith for appt.

The seller will give buyer a grant deed to the property and allow them to take over existing financing. Repair this property in 4 weeks, list for $100k below comps and pocket a hefty profit with no bank financing to fuss with, or to incur the cost of.

The property is about 3,400 sf per seller, County records indicate 2,317 sf, and appraisal indicates 1086 sf finished basement. Appraisal puts value at $1M plus. Appraisal available upon request.

Lot size is 5,227 sf.

There are 8 bedrooms and 3 baths. The unit can easily be set up with separate living areas/entrances for 2 families.

First loan for 552k is fixed at 7.875% until Feb 2012. Second loan is 15 yr fixed at 12.75%. 1st payment is $3622, Second payment is $1,499. Again, we believe all of this information to be accurate but please independently verify all info.

After Repaired Value: $1,000,000+
Repairs Needed: $40,000
As Is Value: $960,000+

Terms:
Cash Down: $85,000
Assume Loans: $690,000
Cure back payments: $17,000 (makes payments through August)
Purchase Price: $792,000

Theoretical Equity: $168,000+