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$150,000 / 6br - 2840ft2 - A Massive Side-by-Side Double! 3 Bds on Eash Side! Needs Updates! (Scranton)
S 9th Street, Scranton, PA 18504
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Why Most Landlords Die Broke (And How This Scranton Side-by-Side Hands You a 12.5% Cap Rate Instead)
Read this ONLY if you have actual cash, zero desire to haggle, and the stomach to swing a hammer.
Let me tell you a story.
A fellow walked into a bank looking for yield.
The banker smiled, adjusted his gold cufflinks, and offered him a certificate of deposit paying pocket change.
The fellow nodded politely, walked right out the door, and realized what Mark Twain figured out over a century ago:
“Buy land, they’re not making it anymore.”
Especially not two-family cash machines priced at wholesale.
Here is the unvarnished truth about S 9th Street, Scranton.
It is a classic side-by-side duplex sitting on a 5,084 sq. ft. lot, with 2,566 total square feet split evenly down the middle.
Three bedrooms and one bath on the left; three bedrooms and one bath on the right.
It is completely vacant.
No deadbeat tenants inheriting your lease.
No sob stories.
Just raw, unadulterated cash-flow potential staring you right in the face.
DO NOT READ FURTHER IF:
You need a mortgage broker to hold your hand for 60 days.
You think "firm price" is an invitation to play make-believe negotiator.
A little sheetrock dust, a paint roller, or a roof patch makes you break out in hives.
You want a turn-key McMansion. Go call a retail agent for that.
THE BRUTAL REALITY OF THE REHAB:
Let’s not mince words. It needs about $70,000 in real work.
1010 Side: Needs fresh flooring, drywall patchwork, paint, replacement windows, and kitchen cabinets painted up crisp. It has oil forced-air heat ready to roll.
1012 Side: Needs flooring, patch and paint, full kitchen and bath overhaul, new electric baseboard heat installed, plus roof and gutter repairs.
Both sides have separate utilities: 2 gas meters, 2 electric meters, and 2 water meters.
The tenants pay their own freight.
Public sewer.
Off-street parking so nobody fights over the curb, and a tidy little yard you can mow in six minutes flat.
THE COLD, HARD MATH:
Firm Asking Price: $150,000 (NOT a penny less)
Estimated Rehab: $70,000
Total Basis: $220,000
After Repair Value (ARV): $270,000 ($50k equity cushion on day one)
Market Rent: $1,300/month per side = $31,200/year
Operating Expenses: $4,850/year (Taxes: $2,250 | Insurance: $1,800 | Sewer: $800)
Net Operating Income (NOI): $26,350
Expected Cap Rate: 12.54% (Try finding that in your mutual fund without getting laughed out of the room).
The price is $150,000 CASH. Firm. Non-negotiable. If you offer $149,999, the answer is no, and you will be politely ignored.
Call or text Victor at show contact info to wire the deposit and grab the deed.
ZyPherson Estates, LLC
P.S. In real estate, the timid pay retail and the swift collect the rent checks.
At a 12.54% cap rate with separate meters, this will not sit around waiting for you to consult your astrology chart.
Call show contact info right now.
P.P.S. Wholesalers, tire-kickers, and lowball artists: save your cell phone minutes.
Proof of funds is required before anyone gets access.
P.P.P.S.: I have more deals. Text me your email address to the above number, and I'll send you my list of available properties.