Contract for Duplex in Richmond

2802 North Ave, Richmond, VA 23222

$300,000 After Repair Value -
$220,000 Asking Price -
$0 Cost of Repairs =
$80,000 Potential Profit

Property Details

Asking Price $220,000

After Repair Value $300,000

Costs of Repairs $0

Potential Profit $80,000

Living Area 4591 ft2

Property Type Duplex

Bedrooms +6

Bathrooms 2

Half Bathrooms N/A

Parking 0

Listed with Agent 1

EPI (Estimated Potential Income)

Potential Rental Income $2,000

Yearly Expenses N/A

Property Taxes $1,836

Net Operating Income N/A

Cap Rate N/A

Property Description

I have a contract for a duplex in Richmond VA. It is less than 10 minutes from downtown in Brookland Park. Closing is on the 31st but may also be able to be extended. The purchase price is 190k But it is worth a lot more. Properties are selling for 250k and above. Seller is paying 4% of closing costs and there is 1k in escrow already along with appraisal and home inspection paid for. I can close on this property but I am willing to negotiate an assignment if someone is interested. The duplex consists of 3 bedrooms/1 bath in the bottom ubit and 3 bedrooms/1 bath in the upper unit plus a bonus room that can be turned into additional bedroom. One unit is paying $800 and the other unit is vacant in June 15 and the offer from the future tenant is $950 for the upper unit. The $800 unit can easily be raised. The comps for rentals are anywhere from - . This is an up and coming area of Richmond and has massive potential. All properties around this neighborhood have been renovated or are in the process of doing so. I have video tours available and any other information accessible. Contact me if you are interested or have any other questions.


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