Vacation Rental w/Instant Equity
Palm Springs, CA
Bedrooms: 4, Bathrooms: 3.0, Sqft: 1798, Lot Size: 11326, Year Built: 1963
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Notes
Prime OFF MARKET home in Palm Springs!
This home is located in the highly desirable "Tahquitz River Estates" area of South Palm Springs. Palm Springs is red-hot with renowned festivals, eateries, and world-class museums!
Surrounded by Million dollar homes this house is definitely in good company. With a lot of the boring work already done, new roof, new HVAC, and a new electrical panel you won't run into surprises. So, functionality has been taken care of, now it's up to you for the cosmetics.
You have plenty of yard to be creative with, the 11,326 square foot lot provides stunning views with tons of entertaining space. The home checks all the Palm Springs boxes to get the biggest bank for your buck, now it's just up to you to bring this great property back to life and cash in the big check! Hope to see you in the next couple of days!
link to additional document
Financial Summary
Project Costs
Purchase Price | $500,000 | |
Purchase Costs | $33,000 | |
Rehab Costs | $58,000 | |
Rehab Contingency (10%) | $5,800 | |
Rehab Holding Costs | $51,705 | |
Total Project Costs | $648,505 | |
Financing | ($413,800) | |
Cash out of Pocket | $234,705 | |
Rehab Project Length | 9 Month(s) |
Project Returns
Sales Price | $741,000 | |
Project Costs | ($648,505) | |
Sale Costs | ($70,340) | |
Profit Amount | $22,155 | |
Hard money loan Partner Share (5.00%) | $1,108 | |
Remaining Share | $21,047 | |
ROI | 9.44% | |
ROR | 12.59% | |
Unlevered ROI | 3.42% | |
Unlevered ROR | 4.56% |
Comps
| Address | Dist | Beds | Baths | Sqft | Sold ($) | $/sqft | Sale date |
| Palm Springs, CA | 0.33 miles | 3 | 2.0 | 1225 | $487,700 | $398 | 2016-10-21 |
| Palm Springs, CA | 0.23 miles | 3 | 2.0 | 1225 | $550,000 | $449 | 2016-12-07 |
| Palm Springs, CA | 0.05 miles | 3 | 2.0 | 1456 | $575,000 | $395 | 2017-01-19 |
| Palm Springs, CA | 0.044 miles | 3 | 2.0 | 1816 | $575,000 | $317 | 2016-10-13 |
| Average: | $546,925 | $389 | |||||
CMA Summary
By Average of Sales
Adjusted Comps
Avg of Adjusted Sales ARV | $586,562 | |
Subject Sqft | 1,798 | |
Adjusted $/sqft | $326 |
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 | $419 | |
Subject Sqft | 1,798 | |
Calculated Adj. ARV | $753,362 |
Unadjusted Comps
Avg of Unadjusted $/sqft | $389 | |
Subject Sqft | 1,798 | |
Calculated ARV | $699,422 |
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 | 2016-10-21 | 2016-12-07 | 2017-01-19 | 2016-10-13 | |||||
| Sold $ | $349,000 | $487,700 | $550,000 | $575,000 | $575,000 | |||||
| Sqft | 1,798 | 1,225 | 1,225 | 1,456 | 1,816 | |||||
| $/sqft | $194 | $398 | $449 | $395 | $317 | |||||
| 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 | 0.00 | $0 | 2.00 | $0 | 0.00 | $0 |
Carport spaces | $0 | 0.00 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 |
Lot size sqft | $1,538,407 | 11,326.00 | 10,454.00 | $30,796 | 9,583.00 | $61,557 | 10,890.00 | $15,398 | 10,454.00 | $30,796 |
Pool | $10,000 | 0.00 | 1.00 | ($10,000) | 1.00 | ($10,000) | 1.00 | ($10,000) | 1.00 | ($10,000) |
Basement sqft | $0 | 0.00 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 |
Has pool | $0 | 0.00 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 |
Has view | $0 | 0.00 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 |
| Adjustment Subtotals | $35,796 | $66,557 | $20,398 | $35,796 | ||||||
| Adjusted $/sqft | $326 | $427 | $503 | $409 | $336 | |||||
| Adjusted ARV $ | $586,562 | $523,496 | $616,557 | $595,398 | $610,796 | |||||
| Notes | ||||||||||
Purchase Costs
| Name | Type | Cost | |
| Inspection | $ Amount | $500 | |
| Closing | 1.00 % of Purchase | $5,000 | |
| Commission | 3.00 % of Purchase | $15,000 | |
| Auction | 2.50 % of Purchase | $12,500 | |
| Total Purchase Costs: | $33,000 | ||
Sale Costs
| Name | Type | Cost | |
| Commission | 6.00 % of Sale | $44,460 | |
| Broker Fee | $ Amount | $300 | |
| Closing Costs | 1.00 % of Sale | $7,410 | |
| Buyer's Closing Costs | 2.00 % of Sale | $14,820 | |
| Title Insurance | $ Amount | $350 | |
| Staging | $ Amount | $2,500 | |
| Photography | $ Amount | $500 | |
| Total Sale Costs: | $70,340 | ||
OpEx: Utilities & Periodic Costs
Annual Expense Growth Rate: 3.0%
| Name | Setup ($) | Amount ($/period) | Cost |
| Property Taxes | $0 | $7,000/ Year | $5,250 |
| Property Management | $0 | 10.00 % of Receipts | $4,050 |
| Water | $0 | $50/Month | $450 |
| Electric | $0 | $100/Month | $900 |
| Gas | $0 | $50/Month | $450 |
| Alarm | $500 | $30/Month | $770 |
| Insurance | $0 | $200/Month | $1,800 |
| Total OpEx Costs: | $13,670 | ||
Loans
| Name | Amount Financed ($) | Rate (%) | Points | Fees | Term | Total of Payments |
| Hard money loan. An interest only purchase loan for the financing of custom amount | $350,000 | 10.00% | 2.00 | $0 | 280 Days | $33,250 |
| Rehab costs loan. An interest only purchase loan for the financing of rehab costs | $63,800 | 10.00% | 0.00 | $0 | 280 Days | $4,785 |
| Total Payments: | $38,035 | |||||
Detailed Rehab Estimate
| Item | Qty | Cost | |
Windows | |||
| Windows, Vinyl Windows, Vinyl double-hung stock replacement windows, 7/8" insulating Low-E glass, 36" x 50" | 5.0 Each @ $214.91 | $1,074.55 | |
| Windows, Vinyl Windows, Vinyl single-hung stock replacement windows, insulating glass, 52" x 49-1/2" | 5.0 Each @ $197.57 | $987.85 | |
| Windows, Aluminum Windows, Aluminum single-hung vertical sliding bronze windows, insulating glass, 3' x 4' 4" | 5.0 Each @ $166.36 | $831.80 | |
| 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 Subtotal: | $6,767.65 | ||
Rough Carpentry | |||
| Rough Carpentry, Framing Room Additions, Wall studs - room addition, 4" x 4", Std & Btr, Installed in wall framing, with 10% waste | 10.0 LF @ $3.35 | $33.50 | |
| Rough Carpentry, Changes to Roof Framing, Rafters, 2" x 10", Std & Btr, 16" centers (1.97 BF per SF) | 5.0 Square Feet @ $2.45 | $12.25 | |
| 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: | $2,765.75 | ||
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, 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, 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, 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, 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, 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 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 | ||
Doors | |||
| Door 2 | 1.0 Each @ $2,500.00 | $2,500.00 | |
| Doors Subtotal: | $2,500.00 | ||
Setup | |||
| General contractor markup | 20.00 % | $16,920.89 | |
| Materials sales tax | 9.00 % | $4,967.48 | |
| Total Cost: | $101,525.31 | ||
Property Photos
