$70,000
Investor opportunity in Camden Waterfront South! 1607 Filmore St is a twin home offering significant potential for a buyer looking for a full renovation project. The property requires a complete rehab and major renovations throughout, making it a potential option for a fix-and-flip or long-term hold strategy.
An adjacent vacant lot provides additional open space along one side of the property. Please note that the vacant lot is NOT included in this sale and is under separate ownership. Buyers interested in potentially expanding the property footprint may independently investigate the ownership and possible acquisition of the neighboring lot. Seller makes no representation regarding its availability for purchase.
The current seller purchased the property with plans to renovate but has since decided to focus on another project, creating an opportunity for the next investor to take over and bring their vision to the property.
For investors evaluating the numbers, renovated properties in the area are estimated to sell in the range of approximately $165,000 to $190,000. Projected market rents are approximately $1,500 to $1,700 per month. Using an estimated total acquisition and renovation investment of approximately $125,000, projected annual net operating income could range from approximately $13,062 to $15,102, representing an estimated return on total investment of approximately 10.4% to 12.1%.
For a potential fix-and-flip strategy, a $125,000 total acquisition and renovation basis compared with an estimated renovated value of $165,000 to $190,000 represents a potential gross spread of approximately $40,000 to $65,000 before financing, carrying costs, closing costs, realtor fees, taxes, resale expenses, and other costs.
Property is being sold strictly AS-IS. Seller will make no repairs or improvements. Buyer is responsible for obtaining the Camden City Certificate of Occupancy and any required municipal approvals, as well as all construction, permit, inspection, utility activation or reconnection fees, and other costs associated with rehabilitating the property.
All values, rents, expenses, renovation costs, returns, and projections are estimates provided for informational purposes only. Buyer should perform their own due diligence and independently verify all figures.
Bring your contractor and your vision. This is an opportunity to transform a property from the ground up for either resale or a long-term investment.
3
Beds
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1
Baths
1607 Filmore St, Camden
Listing courtesy of Keller Williams Realty. Contact: 8563211212