Under $75K Thursday - FSBO Arkansas Fixer Upper With Rent To Own Option $70K

OHU50K Notes $70,000

Here is a for sale by owner fixer upper. The seller has a couple of interesting financing options, including rent to own and assuming his mortgage. Details in the Seller Comments section below.

Seller Comments

Details

AS IS – Beautiful old home on a large corner lot. 5 Bedrooms, 2 Bonus Rooms, and 3.5 Baths. This fixer-upper offers tremendous potential. With a new roof installed in 2022, spacious rooms, ample storage, a jetted bathtub in the master, crown molding, a wrap-around porch, and a large backyard, this property boasts an array of enticing features. Regrettably, it does need some fixes and improvements that I am unable to invest the time required to restore the property. However, this presents an affordable opportunity for a motivated home buyer with the time and energy to dedicate to repairs.

Estimated Repairs Needed

Additionally, it would be perfect for an investor interested in flipping the property for potential equity. Previously used as a rental property, this home is still livable while repairs are being made. If i were to flip the home or invest in it as a rent home I would plan for the following: – Repair Deck/Porch – 3500 Materials, 1600 Labor – $5,100 – Siding Repair/Paint vs Vinyl Siding – $5,000 – $15,000 – Flooring – 3200 sqft @ Materials/Labor $2 – $6sqft – $6,500 – $19,200 – Fence Repair – $1,200 – Paint/Finish Work – 3200sqft – $1.50 – $4.00 – $4,800 – $12,800 – Builder Grade Appliances – $4,000 – Various Odds/Ends – $2,000 – $5,000 – Level Work – 5000 – 15,000 Total – range 33,600 – 77,300 based on the quality of materials and design options, and cost of labor Zillow estimates it to be worth 150k+

Purchase Options Include:

– Outright Cash Offer: $70,000 – Assuming the mortgage through the existing lender (subject to approved credit). Remaining term is 22 years at 3.75% Interest. About a $575 Monthly payment. Only money needed is for the assumption fees/closing costs (Cheaper than typical closing costs) – Purchase through Rent-to-Own: 5 year maximum term, requires 10% non-refundable option deposit held in Escrow to be used for down payment on the assumption/balloon payment payoff date. $800 rent and renter is responsible for repairs, upkeep, and enhancements. This option is for people looking for a long term home but don’t have the financial means to purchase one today. Numbers can be tweaked a bit based on down payment size and desired monthly payment amount and term. Contact me with questions or interest.