Monterey Circle, Fort Washington, MD was a single-family detached house in a country club community outside of DC. This executive style house was approximately 6500 square feet. It was a “short-sale” and had severe basement mold and water damage. Here are the numbers.
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$401,000
Purchase Price (Cash Purchase)
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$121,000
Renovation Costs
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$3,000
Holding Costs
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$789,000
Resell Price
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$264,000
Net Profit
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Approx 5 months
Time Frame