Property Description:
Deal Breakdown
Assignment Opportunity – 1060 E Long St, Columbus, OH 43203
This assignment of contract offers investors a compelling opportunity in the King-Lincoln Bronzeville District. Though currently owner-occupied, the property needs strategic updates to reach its full potential. This investment is ideal for fix-and-flip or BRRRR strategies with possible multi-family conversion potential (subject to zoning verification).
Property Info
Address: 1060 E Long St, Columbus, OH 43203
Lot Size: 6,970 sq ft (0.16 acres)
Living Area: 2,332 sq ft
Year Built: 1900
Configuration: 4 beds, 2.5 baths
Occupancy: Owner-occupied
Financial Overview
Purchase Price: $290,000 (includes assignment fee)
Estimated Renovation Costs: $85,000
Estimated Holding & Closing Costs: $10,000 – $20,000
Total Investment Range: $385,000 – $395,000
Projected ARV: $460,000 – $480,000
Projected Profit Range: $65,000 – $95,000
ROI: 17% – 24%
Comparable Sales – Supporting ARV Projections
Address
Distance
Sale Price
Sq Ft
Price per Sq Ft
Condition
Sale Date
53 N 21st St
0.1 miles
$450,000
2,479
$182
Fully renovated
Recent
1385 E Long St
Same street
$415,000
2,186
$190
Recently renovated
08/05/24
1456 Fair Ave
0.7 miles
$612,000
2,123
$288
Premium renovation
11/29/23
Scope of Renovation Work
Exterior Work:Repoint and clean brick exterior.
Roof repair or replacement if needed.
Landscaping to enhance curb appeal.
Interior Modernization:Refinish or replace hardwood flooring.
Interior repainting to freshen up the space.
Replace outdated light fixtures, faucets, and hardware.
Kitchen and Bathrooms:Kitchen remodel with new cabinets, countertops, and appliances.
Full renovation of one bathroom; minor updates to the second.
Systems Tune-ups:HVAC inspection and repairs as needed.
Electrical and plumbing updates to meet code.
Potential Multi-Family Conversion
Given the size and layout of the property, there may be an opportunity for multi-family conversion (subject to zoning verification). Investors are encouraged to confirm zoning to explore the possibility of adding additional units or rental income potential.
Investment Highlights
Prime Location – King-Lincoln Bronzeville DistrictA highly desirable, fast-appreciating area near downtown Columbus.
Multiple Exit StrategiesIdeal for fix-and-flip or BRRRR strategy with potential for multi-family conversion.
Proven Market DemandStrong comparable sales demonstrate resale potential with ARV between $460,000 and $480,000.
Brick ConstructionDurable exterior that lowers long-term maintenance costs.
Tax Incentives PotentialEligible for historic preservation credits or tax abatements to enhance profitability.
Assignment Terms & Contact
Total Purchase Price: $290,000 (includes assignment fee)
Non-Refundable Deposit: $5,000
Escrow Held at: Atlas Title
Closing Date: On or before November 7, 2024
Due Diligence: Buyers must complete all due diligence before submitting an offer.
For more information or to secure this opportunity, contact us today!
Summary
This assignment opportunity provides a clear path to profitability with multiple exit strategies. Located in the King-Lincoln Bronzeville District, this property offers both short-term flip potential and long-term rental value. With an all-in investment of $385,000 – $395,000, investors can expect to realize a profit of $65,000 – $95,000 with a projected ARV of $460,000 – $480,000.
Don't miss out on this opportunity—act quickly to secure this deal!