Vacation Rental w/Instant Equity

Palm Springs, CA, 92262

Bedrooms: 4, Bathrooms: 3.0, Sqft: 1798, Lot Size: 11326, Year Built: 1963

Notes

This is a potential vacation rental where comps go for 100+ $/sqft. Already partly updated, just needs a pool to be refinished, and new roofing. For more info contact: Kuba Fietkiewicz t: (855) 234-FLIP e: kuba at reikit dot com
Molino1

Comps

AddressBedsBathsSqftSold ($)$/sqftSale date
502 E Molino Rd32.01816$575,000$3172016-10-13
465 E Simms Rd32.01456$575,000$3952017-01-19
326 E Laurel Cir32.01225$550,000$4492016-12-07
444 E Desert Willow Cir32.01225$487,700$3982016-10-21
Average $/sqft:$390 

CMA Summary

Adjusted ARV

$725,979

Adjusted ARV $/sqft

$404

Average ARV

$700,613

Average ARV $/sqft

$390


CMA Detail

BasicsSubject Comparable Comparable Comparable Comparable
Molino1Iseg5bd4t2r75s1000000000Isaxvrbq10q3261000000000Ismmjg64a9lvk80000000000Isust6h89f9x5n0000000000
AddressPalm Springs, CA, 92262502 E Molino Rd465 E Simms Rd326 E Laurel Cir444 E Desert Willow Cir
Sold Date2015-07-272016-10-132017-01-192016-12-072016-10-21
Sold $$349,000$575,000$575,000$550,000$487,700
Sqft1,7981,8161,4561,2251,225
$/sqft$194$317$395$449$398
Features
Feature Values
UnitsUnitsAdjustment UnitsAdjustment UnitsAdjustment UnitsAdjustment
Bedrooms
$10,0004.003.00$10,0003.00$10,0003.00$10,0003.00$10,000
Bathrooms
$5,0003.002.00$5,0002.00$5,0002.00$5,0002.00$5,000
Garage spaces
$02.000.00$02.00$00.00$00.00$0
Carport spaces
$00.000.00$00.00$00.00$00.00$0
Lot size sqft
$200,00011,326.0010,454.00$4,00410,890.00$2,0029,583.00$8,00310,454.00$4,004
Pool is good
$10,0000.000.00$00.00$00.00$00.00$0
Adj Subtotal$19,004$17,002$23,003$19,004
Adj $/sqft$404$327$407$468$414
ARV $$725,979$594,004$592,002$573,003$506,704
Notes

Purchase Costs

NameTypeCost
Inspection$ Amount$500
Closing1.00 % of Purchase$3,990
Total Purchase Costs:$4,490

Sale Costs

NameTypeCost
Commission6.00 % of Sale$43,559
Broker Fee$ Amount$300
Closing Costs1.00 % of Sale$7,260
Buyer's Closing Costs2.00 % of Sale$14,520
Title Insurance$ Amount$350
Staging$ Amount$2,500
Photography$ Amount$500
Total Sale Costs:$68,989

OpEx: Utilities & Periodic Costs

Annual Expense Growth Rate: 3.0%

NameSetup ($)Amount ($/period)Cost
Property Taxes$0$7,000/ Year$5,250
Property Management$010.00 % of Receipts$10,530
Water$0$50/Month$450
Electric$0$100/Month$900
Gas$0$50/Month$450
Alarm$500$30/Month$770
Total OpEx Costs:$18,350

Loans

NameAmount Financed ($)Rate (%)PointsFeesTermTotal of Payments
Hard money loan.

An interest only purchase loan for the financing of custom amount

$350,00010.00%2.00$0280 Days$33,250
Rehab costs loan.

An interest only purchase loan for the financing of rehab costs

$100,02810.00%0.00$0280 Days$7,502
Total Payments:$40,752

Detailed Rehab Estimate

ItemQtyCost

Rough Carpentry

Rough Carpentry, Changes to Walls and Ceilings, Remove and replace interior partition wall, 2" x 6" stud walls with 1/2" gypsum drywall both sides, ready for painting, Cost per running foot, 8' high wall
50.0 LF @ $43.14$2,157.00
Rough Carpentry, Changes to Walls and Ceilings, Remove and replace exterior wall, 2" x 6" stud walls with drywall interior, wood siding exterior, same construction as above, except with 6-1/4" R-19 insulation, Cost per running foot, 8' high wall
10.0 LF @ $56.30$563.00
Rough Carpentry Subtotal:$2,720.00

Roofing and Flashing

Roofing and Flashing, Slate and Tile Roofing, Roofing tile, clay, Red clay mission tile, 2-piece, 86 pans and 86 tops per square, 7-1/2" x 18" x 8-1/2" tiles at 11" centers and 15" exposure, Red clay tile
30.0 Sq @ $570.18$17,105.40
Roofing and Flashing Subtotal:$17,105.40

Floors and Tile

Floors and Tile, Wood Strip and Plank Flooring, Bruce oak solid hardwood strip flooring, Gunstock (eastern)
1600.0 Square Feet @ $9.34$14,944.00
Floors and Tile Subtotal:$14,944.00

Kitchens

Kitchens, Wall Ovens, 30" electric double wall oven, Choice of finishes
1.0 Each @ $1,903.52$1,903.52
Kitchens, Dishwashers, 13-cycle stainless steel interior dishwasher, Jenn-Air, Dishwasher
1.0 Each @ $811.41$811.41
Kitchens, Cooktops, 30" gas cooktop, Maytag, No
1.0 Each @ $827.22$827.22
Kitchens, Mounted Microwave Ovens, 1.4 cubic foot over-the-range microwave oven, Stainless
1.0 Each @ $278.26$278.26
Kitchens, Range Hoods, Custom range hood power package, 700 CFM, dual blowers, 7" duct, 1.5 to 4.6 sones, 48" wide x 28" deep
1.0 Each @ $914.33$914.33
Kitchens, Kitchen Cabinets, Finished Kitchen Cabinets, Oak finished base cabinets, 18" wide, 3-drawer base
20.0 Each @ $282.74$5,654.80
Kitchens, Kitchen Cabinets, Finished Kitchen Cabinets, Oak finished wall cabinets, 30" wide x 18" high, 2 doors
15.0 Each @ $160.34$2,405.10
Kitchens, Custom Countertops, Solid surface countertops, Color Group 3, Premium edge
40.0 Square Feet @ $80.51$3,220.40
Kitchens, Custom Countertops, Engineered stone countertops, Large dark chips, 3/4" square edge
0.0 Square Feet @ $63.79$0.00
Kitchens, Stainless Steel Sinks, Stainless steel single bowl sink, Signature Series, Elkay, 33" x 22", 18 gauge
1.0 Each @ $235.21$235.21
Kitchens Subtotal:$16,250.25

Plumbing and HVAC

Plumbing and HVAC, Heating System Renovations, Gas wall furnace, 60,000 Btu, pilot ignition
1.0 Each @ $1,127.10$1,127.10
Plumbing and HVAC, Gas Water Heaters, 75-gallon gas water heater, 70,000 Btu, Low-NOx
1.0 Each @ $2,793.88$2,793.88
Plumbing and HVAC Subtotal:$3,920.98

Electrical

Electrical, Ceiling Fans, San Marino(tm) ceiling fan with light kit, Hampton Bay(tm), 36", brushed steel
5.0 Each @ $136.17$680.85
Electrical, Recessed Lighting, Recessed low-voltage slot aperture light kit, remodel, Commercial Electric, 4", white slot aperture trim
20.0 Each @ $92.41$1,848.20
Electrical, Lighting Fixtures, Glass chandelier, 6 light, brushed nickel
1.0 Each @ $299.47$299.47
Electrical Subtotal:$2,828.52

Porches and Decks

Porches and Decks, Post and beam wood deck, Based on rectangular 12' x 10' deck with railing on four sides and stairway, 24" above ground level, With 2" Thompsonized plank
300.0 Square Feet @ $20.31$6,093.00
Porches and Decks, Pool and Spa Replastering, Pool replastering and resetting pool fixtures, Deep color plaster aggregate
30.0 LF @ $59.46$1,783.80
Porches and Decks Subtotal:$7,876.80

Painting and Finishing

Painting and Finishing, Labor Estimates for Painting, Cost to repaint a home interior, Repaint a home interior, per 100 SF of floor
20.0 100 Square Feet @ $136.37$2,727.40
Painting and Finishing, Labor Estimates for Painting, Cost to repaint a home exterior, Repaint a home exterior, per 100 SF of floor
20.0 100 Square Feet @ $97.51$1,950.20
Painting and Finishing Subtotal:$4,677.60

Other

Project management
1.0 Each @ $2,000.00$2,000.00
Other Subtotal:$2,000.00

Setup

General contractor markup
20.00 %$15,155.70
Materials sales tax
7.00 %$3,454.97
Total Cost:$90,934.23