The is an estate property. We are NOT buying it but the Estate will deed it into the name of Lunar and Lunar will maintain and sale (and where necessary improve) this property. This is the closest we can come to tolling. The mortgage is $185,000,00. Best estimate is that I will have to put about $8,000.00 into spruching up the property and another $12,000.00 to carry it to sale. The current mortgage payoff is approximately $185,000.00. The end value is a solid $350,000.00 or more. We will get back even money on our cash outlay and 33.33% of the equity over and mortgage payoff and costs. No way to pass this one up.
|73 Zachery Way|
|margin of safety||165,000.00|
|less equity return||$20,000.00|