Gain instant equity on this off market subject to opportunity. This home would be an ideal fit for a handy owner occupant that wants to build some sweat equity. A pipe burst in the home and it requires moderate rehab to repair the damage. A certified restoration company has taken all necessary measures to remove any moisture from the home. The hard work is already done, all that is left is the finishing touches to bring this beautiful home back to life. Located in the highly desirable Kings Run neighborhood of Rochester. Only a 10 minute drive to the Mayo Clinic. Crazy low entry fee for a home like this!
Purchase Price: $397,080.51
ARV: $475,000
Repairs: ~ $40,000 (quoted by our contractor, much less if you do the work yourself)
Entry Fee
Arrears - $5,696.92
Assignment - $20,000
Total Entry Fee - $25,696.92 + closing costs
Closing Date - 03/29/2024
EMD - $5,000 (Due within 24 hours of signing the assignment contract)
Subject To Terms
Underlying Mortgage - $356,296.77
Interest Rate - 5.875%
Maturity Date - 09/2052
PITI - $2848.46
P - $401.82
I - $1742.41
TI -$704.23 (including PMI)
Secondary lien (down payment assistance): $15,086.82
Interest Rate: 5.875%
Maturity Date: 09/2032
Payment: $187.67
Total Monthly Payment - $3,036.13
Underwriting
LTR - $2,600 - $2,800.
MTR - $1,200 -$1,400 per room.
MTR - $4,000 - $4,200 fully furnished home.
*Disclaimer - Closing costs are determined by title company and cannot be controlled by the assignor.
Any discrepancies of closing costs will not be negotiable.
Seller property taxes will not be prorated at closing
Buyer to do ALL OF YOUR OWN DUE DILIGENCE. This is your investment as the buyer
For full photos and details go to -