2631 Fenwick Ct, Ann Arbor
The stats will sound pleasing, but are the least interesting part of this story. Linda helped an out of town buyer purchase a rental property 4 years ago. She arranged for cleaning, rehab & remodeling with new flooring, paint, etc. The total cost of the condo with renovations and acquisition costs was less than $120,000. Linda has listed and successfully leased out the property to three different tenants in the last 4 years – netting her client about a 10% return on investment annually. Now the owner is ready to sell. Linda worked with her contractor once again to upgrade the property in order to maximize the sale price. She asked the owner to invest somewhere around $7,000 – this should get the seller a $2 to $3 return, meaning she expects the condo to sell for $14,000 to $21,000 more than if the work wasn’t done. The improvements, in addition to Linda providing professional photos & starting an aggressive marketing campaign, were intended to ensure that the condo will sell quickly – at an estimated $25,000 – $35,000 capital gain on top of the rental income.
Here is the most interesting part – the owner has *never* stepped foot in the property. And as Linda intended, the condo is now under contract, within 3 days of listing with a cash offer.