Annapolis Wholesale Opportunity - $600k purchase, ~$280k renovation, $1.1M value ($200k profit/equity)
1696 Saefern Way, Annapolis, MD 21401
Property Description: Photos / Videos: https://drive.google.com/drive/folders/197xfSLekU0ORTxhzkrAwZK-FrkFOstFk?usp=share_link
• 5 bedroom / 5 bathroom | 4,000 sq ft (including basement and 4th floor) | 4 garage spaces | 1970 build | 1.08-acre lot
• Excellent neighborhood with close proximity to Annapolis | $120/mo voluntary community fee (which grants access to private boat slips, pool, horse stables, courts)
• Renovation to include full interior build-out (currently gutted to studs), HVAC, electric, plumbing, deck(s), etc. Modest renovation finishes will bring $1.1M+ in value based on exclusivity and demand in the neighborhood.
• Closing – on/before May 19th
Property Evaluation:
• Estimated After Repair Value (ARV): $1,100,000+
• Estimated Rehab Costs: ~$280,000
• Purchase Price: $600,000 + Estimate closing costs: $6,500
Comparable Properties Used to Determine After Repair Value:
New To Market: 5 houses away! 532 Epping Forest Rd, Annapolis, MD 21401 | MLS #MDAA2056824 | Zillow $1.125M Asking Price. Similar sq ft. (ALREADY UNDER CONTRACT)
Sold 4/3/2023: $1,000,000 1692 N Harbor Ct, Annapolis, MD 21401
4/3, 3 levels w/ basement, same neghborhood.
https://www.zillow.com/homedetails/1692-N-Harbor-Ct-Annapolis-MD-21401/36016016_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Sold: 8/31/2022: $1,051,000 1707 Harbor Ln, Annapolis, MD 21401
4/4, 3,558 sq ft. Same neighborhood.
https://www.zillow.com/homedetails/1707-S-Harbor-Ln-Annapolis-MD-21401/36016059_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Sold 1/31/2022: $982,400 1689 Anne Ct, Annapolis MD 21401
4/5, same neighborhood. More dated finishes but does have indoor pool.
https://www.zillow.com/homedetails/1689-Anne-Ct-Annapolis-MD-21401/36015974_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Sold 2/12/2021: $945,000 1692 Saefern Way, Annapolis, MD 21401
4/3, 4,451 sq ft. Same street as subject property. More rustic design/decor.
https://www.redfin.com/MD/Annapolis/1692-Saefern-Way-21401/home/10055378
Sold 3/12/2021: $895,000 1702 S Harbor Ln, Annapolis, MD 21401
4/5, 5,146 sq ft. Same neighborhood as subject property. Similar style home. Current Zillow estimate is $1,092,500. Owner/agent sale (reduced sales price, no commission)
https://www.zillow.com/homedetails/1702-S-Harbor-Ln-Annapolis-MD-21401/36015926_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Community Amenities: Pool, Boat Slips, Horse Stable, Tennis Court, Playgrounds
Magnolia Property Solutions, LLC currently has an assignable contract on this property. Please coordinate all showing requests, questions, etc. through MPS.
NOTICES AND DISCLOSURES
YOU MUST VERIFY ALL INFORMATION PROVIDED INDEPENDENTLY: Any estimates or information provided are for real estate investors’ convenience, who must verify all estimated numbers independently. ANY information regarding specifications, characteristics, or condition of this property, neighborhood, or investment strategy (including, but not limited to, as-is property square footage measurements or as implied by property expansion through construction) is an unverified assumption of the investor or affiliates based on limited information and should be verified independently for accuracy. Investors and affiliates assume no liability, either expressed or implied, for the accuracy of any estimates or information provided.
