Updated Off market rentals available for assignment of contract! Burlington NC Available

  • $60000
  • 2 beds
  • 1 baths
  • 784 sqft

Opportunity for instant equity, cash flow and long term appreciation. 2 off-market rentals available for assignment of contract. The total cash to close is $40,000. This will get you 2 rental houses next door to each other in Downtown Burlington near the historic district. Both properties are rented for $983 and $900/mo respectively. We’ve negotiated seller financing payments of $436 per month at 5% interest for 5 years. The properties will cash flow a combined $661 monthly after all expenses.

With a standard appreciation of $3% per year in 5 years you’ll have a combined $189-193K in equity from a $40,000 investment.

We have several other investors interested in this deal, but wanted to give you all an opportunity since you’ve mentioned to me several times wanting to own rental properties and build wealth.

417 E 6th Street, Burlington, NC

2 Bed, 1 bath

Rented for $983/mo

Link to pictures

419 E 6th Street, Burlington, NC

2 Bed, 1 bath

Rented for $900/mo

Link to pictures

As-Is Fair Market Value of each = $135,000

After Repair Value of Each = $170,000 (With $20,000 in repairs)

Close of Escrow: November 28th, 2023

Here’s the terms of the seller financing for each property:

Price: $91,000

Down payment: $20,000

Amount Financed: $71,000

Interest Rate: 5%

Monthly payment: $436.31

Amortization: 20 years

Balloon payment: $61,702.76 Due on 15th Day of Month 61

Benefits of Buying via Seller Financing

-No Tax Returns

-No credit check

-No Paystubs

-No bank qualifying

-Lower interest rate than current 30 year fixed rate

-No PMI

-Instant $90K in equity

-Turn $40K investment into almost $200K in 5 years

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Combined ROI Breakdown

Rent $1,883/mo

Expenses

-$872 mortgage

-100 taxes

-100 insurance

-150 vacancy maintenance and repairs

Total expenses $1,222

$1,883 rent – $1,222 expenses

= $661/mo Cash Flow

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ROI

How long will it take to get my $40K back?

$40K/$661 monthly cash flow = 60 months or 5 years

How much will each property be worth in 5 years?

Appreciation 3% per year for 5 years

In 5 years each property will be worth $156,502, As-Is

Balloon payment: $61,702.76 Due on 15th Day of Month 61

Subtract balloon payment and that’s a profit of $94,800 for each or $189,600 total

If rehabbed ($20K in repairs each) the property will be worth $198,347 in 5 years

Balloon payment: $61,702.76 Due on 15th Day of Month 61

Subtract balloon payment and that’s a profit of $96,645 or $193,290 total

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FOR MORE INFORMATION  CALL TO MAKE AN OFFER:

CALL Polite Properties at 336-396-8713 or EMAIL Dedric@politeproperties.com

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Sign up for our VIP Cash Buyers list at www.reicashbuyer.com

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BIDS & OFFERS:

If you prefer not to bid against other investors, offers may be accepted before the showing date. If accepted, the contract will be assigned and a private walkthrough will be scheduled.

We are selling our assignable purchase agreement on this property.

A $3,000 non-refundable deposit is required upon acceptance of the offer. Call to schedule a showing. Do not show up to the property without an appointment.

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DISCLAIMER:

Please do your own due diligence. Apartment is being sold as-is, and the buyer is to pay all closing costs. Price is based on a cash or hard money offer.

All offers on properties require a $3,000 non-refundable earnest deposit and a 10-day close of escrow. No waiting for a response. We respond immediately to an offer. Equal Opportunity Housing.

If You or Your entity do ANYTHING to jeopardize the contract between Polite Property Investments LLC and the seller of the property, including but not limited to marketing the property without authorization, putting the property on Craigslist, or going to the property without permission YOU or Your ENTITY WILL BE HELD PERSONALLY RESPONSIBLE FOR DAMAGES OF TOTAL PROJECTED PROFIT MARGINS.

Price:
$60000
Address:
417 & 419 E sixth St.
Burlington, NC 27215
Square Feet:
784
Lot Size:
4,660
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1984
Basement:
none

Call 877-289-6436 for more details

Property Location