12437 Popes Head Road is a 3 bedroom / 1 bath, single family home and resides in the Vannoy Park community. It is a 768 square foot composite shingle roof home. The home sits on a large 21,781 square foot lot (great for rebuild or expansion opportunity), .500 acres and was built in 1954. The interior of the home is one story and has an open floor plan on the main level with kitchen and living room. The exterior is nicely kept with a small shed and a huge lot. This is definitely either an opportunity to do an extension or a tear down and rebuild.
Houses in the area sell for $850 up to $1.7M! The house right next door sold for $1M!
Scenario #1- Tear down and Rebuild
- Purchase Closing Costs (3%): $11,550
- Carrying Costs: $9,200
- Rehab cost: 400,000 (for tear down and rebuild)
- Total Funded: $805,750 @ 14 months
Investment & Profit
- Gross After-Rehab Value (ARV): $1.1M
- Closing and Commissions: $77,000
- NET ARV: $1,023,000
- NET PROFIT: $217,250
- Profit = $217,250 (26.96% ROI / 22.68% Annualized) Based on no loans or leverage
Scenario #2- Extension
- Purchase Closing Costs: $6,799
- Carrying Costs (3%): $11,550
- Rehab cost: $225,000 (for extension)
- Total Funded: $628,349 @ 10 months
Investment & Profit
- Gross After-Rehab Value (ARV) = $880,000
- Closing and Commissions (7%): $61,600
- NET ARV: $818,400
- NET Profit: $190,051
- Profit = $190,051 (30.24% ROI / 35.60% Annualized)
Comps
- As is, the comps are: 6045 COLCHESTER RD, FAIRFAX, VA 22030 Sold $770,000
- 5401 COLCHESTER MEADOW LN, FAIRFAX, VA 22030 Sold $700,000
- 11613 POPES HEAD RD, FAIRFAX, VA 22030 Under Contract as an inv. property $450k
If the investor were to tear down and rebuild:
- 6840 TEPPER DR, CLIFTON, VA 20124 Sold $1,050,000
- 5391 SUMMIT DR, FAIRFAX, VA 22030 Under Contract $999,990
- FOX CHAPEL ESTATES DR, FAIRFAX, VA 22030 New Contstruction $1,599,990