4014 Lawrence Avenue, Kensington, MD 20895
This distressed property at 4014 Lawrence Avenue in Kensington, MD 20895 is a residential, single-family, detached house, owned by Fannie Mae. It is listed in MRIS listing #MC8397329, now under contract by Buy Fix Flip, LLC. Gernot Ritzau, Managing Member. This Bungalow is in need of a full re-build. This property will be a 4 bedroom, 2.5 bath, 2 -3 level Bungalow or Split level home, and a garage. It was built in 1950 and will have 2,200 square feet of living space when rebuilt. The purchase price is $258,000.00 with a settlement date of October 15, 2014.
20895 is an affluent (median household income: $81,906) upscale urban zip code in Kensington, Maryland. At $547,600, the average home value here is a bit higher than average for the Washington-Arlington-Alexandria metro area. Kensington has a fascinating history, arts, and culture. There’s a historic one-room library, a live theater, and many local artists. Shop for antiques and home furnishing and dine at a quaint bistro. Kensington has a welcoming charm that makes it so unique.
The Rock Creek Palisades subdivision is between Connecticut Avenue, Beach Drive, and Knowles Avenue.
Knowles Avenue connects Kensington to Chevy Chase via Connecticut Avenue and Rockville/North Bethesda
Home of the White Flint Shopping Center and the Strathmore Music Center.
Most of the homes in Kensington backs to the Rock Creek Park. Beach Drive connects the neighborhood to Rock Creek Park & provides an 8-mile trainer bike and running trail that begins in Kensington.
Real Estate Market Activities
There were 13 properties sold between June 18 and September 25, 2014 with a total sales volume of $6,082,000 at average square footage price of $335.87. Days on Market Average is 27 days. A total of 19 properties sold since January through September 29, with a sales volume of $9,000,000 at an average square foot price of $446 per square foot. Average Sold Price is Average days on market is 21 days.
There are 4 other properties under contract with expected settlement dates at end of September and October. Average Days on Market (DOM) is 75 days.
There are 11 properties Active listings. Two of the properties are on the same street as the subject property.
The subject property will be re-built from a one level Bungalow to 2,200 square feet of total living area with 2 levels and a 1-car garage. There’s only street parking in the neighborhood and the addition of the garage will make this home very attractive. The subject property will yield a sales price of $739,000 when the average square foot price of $335.87 is applied. Our conservative sales price is $685,000. We are confident that this home will command the sales price after repairs are done.
More specific and detailed information will be added to this executive summary.
The entire inside will be re-built, including new roof, HVAC, plumbing, electrical rewire, new windows and doors, new flooring, new kitchen and new (2.5) bathrooms and fresh paint. With these extensive repairs, this property will be identical to the comparable property at 3918 RICKOVER RD, SILVER SPRING, MD 20902, .8 miles away from the subject property. 4016 Lawrence recently sold for $290,000 (net of Seller Subsidy) in its current condition, one level, 680 square feet of living space and with no remodeling or upgrade on August 1, 2014. This sold price brought the home at $426 a square foot.
We have a Target Close Date of 10/15/2014, and are seeking a loan of $424,250, 65% of ARV. We are seeking a partnership JV who will contribute private money (cash) of $78,000 to this deal to cover closing costs and expenses not covered by hard money lender. The exit strategy for this home will be a full rebuild and flip. The purchase, rehab and sale of this property is estimated to take 6 months. This property is being offered by Buy, Fix and Flip, LLC. If you are interested in funding this deal, please contact Gernot Ritzau at 301-520-7165 or firstname.lastname@example.org or Catherine Fleishman at 301-454-9863 or by email at email@example.com