1107 Fallston Rd
Shelby, NC 28150
1107 Fallston Rd
Overview
This 3-bedroom, 3-bath property in Shelby, NC, presents a prime investment opportunity. With a recent “as-is” appraisal of $300,000 and an ARV of $395,000, this property includes a 2243 sq ft main house and a potential in-law suite. Texas Property Development (TPD) is managing a $50,000 rehab, projected to bring in $3,000 in monthly rental income, with an estimated project ROI of 84.5% and a profit of $219,863. The minimum investment is $50,000, with a 6-month term and a 12.5% fixed ROI.
Beds
3
Size
2243 sq ft
Built
1942
Insurance Costs
$2792
ARV Appraisal
$395,000
Monthly Rent
$3000.00
Bath
3
Lot Size
12,632 sq ft
Property Taxes
$1931
As IS Appraisal
$300,000
Rehab Costs
$50,000 – Outbuilding in-law suite
Monthly Cash Flow
$2,090.00
More Information
Purchase Price
$171,900
Down Payment
$8,000
Date of Contract
October 29, 2024
Closing Date
December 12, 2024 — Mortgage Buy Out
Monthly Loan Payment
--
Exit Strategy
Hold/Rehab/Flip
Estimated Profit on Project
$219,863
Estimated Project ROI
84.5%
Buyer
Texas Property Development, LTD
Lien Position
1st
Funding Needed
$221,900
Terms
6 Months
Fixed ROI
12.5%
A complete rehab was completed on the main house in June 2024 (funded by TPD). Homeowner is in the first stages of Foreclosure. TPD has property under contract to pay off current liens and mortgage plus $8,000 to the seller out of the $171,900 purchase price.
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