Estimated ARV: $475,000 – $500,000 *
Estimated Rehab: $50,000 – $60,000 **
Cash Required at Closing: $59,000
Estimated Gross Profit: $102,823
Asking Price: $295,000
8 Fox Runne, Robbinsville, NJ – JUST sold (Literally on 8/16/17) for $485k. It’s a 3 bed 3 bath and about the same size as 68 Robbinsville Allentown Road. 8 Fox Runne was well-maintained but NOT Fully-Rehabbed. (https://www.zillow.com/homedetails/8-Fox-Runne-Robbinsville-NJ-08691/52630600_zpid/).
5 Christina Lane sold at $500K on 3/30/17 (http://www.realtor.com/realestateandhomes-detail/5-Christina-Ln_Robbinsville_NJ_08691_M63821-51320)
7 Robin Rd sold at $485K on 6/5/17 (http://www.realtor.com/realestateandhomes-detail/7-Robin-Rd_Robbinsville_NJ_08691_M53875-44316).
** SCOPE OF WORK
To our knowledge, the in-ground pool needs standard maintenance. The roof needs to be replaced. The bathrooms and the kitchen need updating along with replacement fixtures. The floors are decent. The home needs paint and carpeting. There’s a mold issue, particularly in the basement, due to the absence of gutters/downspout in the back of the home and water getting in when it rains. According to the waterproofing specialist we met with, he says that Robbinsville is a high water table area and the installation of a new french drain system/sump pump along with other work indicated in the attached estimate will fix the water issue permanently. We estimate that one is looking at $50-60K to bring the home up to the condition of similar homes that have sold.