6269 Saratoga Circle Dallas TX 75214 MLS #20960817

1850sf 3-2-2
9450sf lot

BRING YOUR VISION!! Exceptional opportunity in sought-after Caruth Terrace neighborhood within the Mockingbird Elementary School district. Remodel began, including LR-DN-DEN load bearing walls removed; Windows replaced; floors sanded. Multiple remodel-new build projects currently underway in neighborhood. Selling AS-IS to visionary buyer with 3 potential finish-out opportunities:

1) Remodel as-is plus add utility room to garage (+120sf) plus finish-out detached bonus room in backyard (150sf).
a. $657k purchase
b. $150k remodel costs (per contractor estimate)
c. $807k total basis
d. $880k Value at market rate at $425 per sf with 2000sf + 150sf bonus room
e. Net equity: $73k


2) #1 above plus add 2nd floor of 1,000sf (see 6278 Saratoga Cir example)
a. $807k cost from option #1
b. $200k 2nd floor addition @ $200 per sf
c. $1007k total basis
d. $1.3mm Value @$425 per sf of 3,000sf
e. Net equity: $293k


3) Teardown and build new (see 6254 Sudbury Ln example)
a. $657k purchase
b. $850k build cost @$200per sf; 4250sf home at 9450sf lot x 45 percent coverage
c. $1.507mm total basis
d. $1.8mm Value @$425 per sf of 4250sf
e. Net equity: $293k