1958 NW 4TH CT., UNIT #315 MIAMI, FL 33136 Pending

$55,000 3 bd, 2 ba, 1026 sqft

Pending

Unique opportunity for a passive investment of 6 months. 3/2 townhouse in Wynwood involved in the Community Redevelopment Agency (CRA) through the City of Miami. The CRA will be completely rehabilitating the unit at no cost to the owner (approximately 50k in updates). Unit is scheduled to be remodeled this summer. New roof, hurricane impact windows, interior and exterior gut renovations with stainless steel appliances and granite counter tops. Currently the property has an $18,000 Homestead tax penalty that must be paid, and unpaid real estate taxes in the amount of $2,100. There is also a first mortgage on the property recorded in the amount of $19,500. Total you are paying approximately $70,000. After the remodel the property should sell between $160k and 170k, which would net you a 48% return ($76,800) in 6 months at 160k including all closing and holding costs. Alternatively, this should rent for at least $1,650 after the remodel giving it a cap rate of 20.2%.

Property Details

Price:
$55,000
Address:
1958 NW 4TH CT., UNIT #315 MIAMI, FL 33136
City:
Miami
State:
Florida
Zip Code:
33136
Year Built:
1973
Terms:
For Sale
Property Type:
Home
Square Feet:
1026
Bedrooms:
3
Bathrooms:
2
Const. Type:
CBS

Call (786) 565-8726 for more details

Property Location

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