Amazing Wholesale Deal at 53 Cents on the Dollar!
Palm Springs, CA
Bedrooms: 4, Bathrooms: 3.0, Sqft: 1798, Lot Size: 11326, Year Built: 1963
Brought to you by:
REI/kit
(855) 234-FLIP
info@reikit.com
Notes
Great wholesale deal in Palm Springs, a vacation rental heaven!
This is a potential deal for a flip investor with multiple exit strategies, in a neighborhood where comps go for an additional 100+ $/sqft. Already partly updated, just needs a pool to be refinished, and new roofing.
Keep it to rent it out as is yourself, or add some shine for a high end vacation rental ready to flip to an income investor.
For more info contact:
Kuba Fietkiewicz
t: (855) 234-FLIP
e: kuba at reikit dot com
Financial Summary
Project Costs
Purchase Price | $399,000 | |
Wholesale Fee | $10,000 | |
Purchase Costs | $26,435 | |
Rehab Costs | $96,713 | |
Rehab Contingency (10%) | $9,671 | |
Rehab Holding Costs | $54,899 | |
Total Project Costs | $586,718 | |
Financing | ($456,384) | |
Cash out of Pocket | $130,334 | |
Rehab Project Length | 9 Month(s) |
Project Returns
Sales Price | $725,000 | |
Project Costs | ($586,718) | |
Sale Costs | ($68,900) | |
Profit Amount | $69,382 | |
ROI | 53.23% | |
ROR | 70.98% | |
Unlevered ROI | 11.83% | |
Unlevered ROR | 15.77% |
Comps
| Address | Dist | Beds | Baths | Sqft | Sold ($) | $/sqft | Sale date |
| Palm Springs, CA | N/A | 3 | 2.0 | 1225 | $550,000 | $449 | 2016-12-07 |
| Palm Springs, CA | N/A | 3 | 2.0 | 1456 | $575,000 | $395 | 2017-01-19 |
| Palm Springs, CA | N/A | 3 | 2.0 | 1816 | $575,000 | $317 | 2016-10-13 |
| Palm Springs, CA | N/A | 3 | 2.0 | 1225 | $487,700 | $398 | 2016-10-21 |
| Average: | $546,925 | $390 | |||||
CMA Summary
By Average of Sales
Adjusted Comps
Avg of Adjusted Sales ARV | $556,428 | |
Subject Sqft | 1,798 | |
Adjusted $/sqft | $309 |
Unadjusted Comps
Avg of Sales ARV | $546,925 | |
Subject Sqft | 1,798 | |
Avg of Sales $/sqft | $304 |
By Average of $/Sqft
Adjusted Comps
Avg of Adjusted $/sqft | $397 | |
Subject Sqft | 1,798 | |
Calculated Adj. ARV | $713,357 |
Unadjusted Comps
Avg of Unadjusted $/sqft | $390 | |
Subject Sqft | 1,798 | |
Calculated ARV | $700,771 |
CMA Detail
| Basics | Subject | Comparable | Comparable | Comparable | Comparable | |||||
|  |  |  |  | ||||||
| Address | Palm Springs, CA | Palm Springs, CA | Palm Springs, CA | Palm Springs, CA | Palm Springs, CA | |||||
| Sold Date | 2015-07-27 | 2016-12-07 | 2017-01-19 | 2016-10-13 | 2016-10-21 | |||||
| Sold $ | $349,000 | $550,000 | $575,000 | $575,000 | $487,700 | |||||
| Sqft | 1,798 | 1,225 | 1,456 | 1,816 | 1,225 | |||||
| $/sqft | $194 | $449 | $395 | $317 | $398 | |||||
| Features | Feature Values | Units | Units | Adjustment | Units | Adjustment | Units | Adjustment | Units | Adjustment |
Bedrooms | $10,000 | 4.00 | 3.00 | $10,000 | 3.00 | $10,000 | 3.00 | $10,000 | 3.00 | $10,000 |
Bathrooms | $5,000 | 3.00 | 2.00 | $5,000 | 2.00 | $5,000 | 2.00 | $5,000 | 2.00 | $5,000 |
Garage spaces | $0 | 2.00 | 0.00 | $0 | 2.00 | $0 | 0.00 | $0 | 0.00 | $0 |
Carport spaces | $0 | 0.00 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 |
Lot size sqft | $200,000 | 11,326.00 | 9,583.00 | $8,003 | 10,890.00 | $2,002 | 10,454.00 | $4,004 | 10,454.00 | $4,004 |
Pool | $10,000 | 0.00 | 1.00 | ($10,000) | 1.00 | ($10,000) | 1.00 | ($10,000) | 1.00 | ($10,000) |
| Adjustment Subtotals | $13,003 | $7,002 | $9,004 | $9,004 | ||||||
| Adjusted $/sqft | $309 | $460 | $400 | $322 | $405 | |||||
| Adjusted ARV $ | $556,428 | $563,003 | $582,002 | $584,004 | $496,704 | |||||
| Notes | ||||||||||
Detailed Rehab Estimate
| Item | Qty | Cost | |
Windows | |||
| Windows, Specialty Windows and Skylights, Fixed curb-mount skylights, Velux, 46-1/2" x 46-1/2" | 4.0 Each @ $494.70 | $1,978.80 | |
| Windows, Wood Windows, Wood double-hung windows, 2'8" x 5'2" | 5.0 Each @ $300.59 | $1,502.95 | |
| Windows, Storm Windows, Aluminum storm windows, 32" x 63", white finish | 5.0 Each @ $78.34 | $391.70 | |
| Windows, Specialty Windows and Skylights, Cut roof opening for a skylight, Curb flashing for skylight | 5.0 Each @ $138.51 | $692.55 | |
| Windows Subtotal: | $4,566.00 | ||
Rough Carpentry | |||
| 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, 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 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, 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, Kitchen Cabinets, Finished Kitchen Cabinets, Oak finished base cabinets, 18" wide, 3-drawer base | 20.0 Each @ $282.74 | $5,654.80 | |
| Kitchens, Dishwashers, 13-cycle stainless steel interior dishwasher, Jenn-Air, Dishwasher | 1.0 Each @ $811.41 | $811.41 | |
| Kitchens, Mounted Microwave Ovens, 1.4 cubic foot over-the-range microwave oven, Stainless | 1.0 Each @ $278.26 | $278.26 | |
| Kitchens, Wall Ovens, 30" electric double wall oven, Choice of finishes | 1.0 Each @ $1,903.52 | $1,903.52 | |
| Kitchens, Cooktops, 30" gas cooktop, Maytag, No | 1.0 Each @ $827.22 | $827.22 | |
| 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, Custom Countertops, Engineered stone countertops, Large dark chips, 3/4" square edge | 0.0 Square Feet @ $63.79 | $0.00 | |
| Kitchens, Custom Countertops, Solid surface countertops, Color Group 3, Premium edge | 40.0 Square Feet @ $80.51 | $3,220.40 | |
| 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 Subtotal: | $16,250.25 | ||
Plumbing and HVAC | |||
| 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, Heating System Renovations, Gas wall furnace, 60,000 Btu, pilot ignition | 1.0 Each @ $1,127.10 | $1,127.10 | |
| Plumbing and HVAC Subtotal: | $3,920.98 | ||
Electrical | |||
| 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, Ceiling Fans, San Marino(tm) ceiling fan with light kit, Hampton Bay(tm), 36", brushed steel | 5.0 Each @ $136.17 | $680.85 | |
| 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 exterior, Repaint a home exterior, per 100 SF of floor | 20.0 100 Square Feet @ $97.51 | $1,950.20 | |
| 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 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 % | $16,118.75 | |
| Materials sales tax | 7.00 % | $3,704.20 | |
| Total Cost: | $96,712.50 | ||
Property Photos
