3010 3rd StDes Moines, Iowa

Des Moines, IA 50313 · MLS 749427

List price

$99,900

2 bd / 1 ba
Bedrooms / baths: 975 sq ft
Living area: 1906
Year built

"This property is being sold as-is and offers great potential for a cash buyer, rehabber or investor ready to take on a substantial..."

Listed by Sara Hopkins RE/MAX Precision (515) 223-9492

3010 3rd St is a 2-bedroom, 1-bath home in Des Moines, Iowa listed at $99,900 with 975 square feet, built in 1906. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 20% down ($19,980), we fund the $107,250 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. See every hard money opportunity in Iowa or our Iowa hard money lending page.

From the listing. Investor opportunity in Des Moines Oak Park/Highland Park. Sold as-is, great potential for a cash buyer, rehabber or investor ready to take on a substantial renovation. Requires foundation/structural work; new roof installed in 2023. Invest DSM Special Investment District.

01 - Price This Property

Hard money financing on 3010 3rd St: what you qualify for.

Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.

List price $99,900

State IA

Your credit score, approximate

Type a number, like 720. A ballpark is fine and nothing is pulled. Leave it empty if you have no score.

Investment projects you completed in the last 3 years

Flips, rentals bought and sold, or builds. Decides the down payment.

Renovation budget

Our super rough estimate at $110 per sq ft. Put in your contractor's number if you have one.

After-repair value, if you know it

The loan stays under 75% of it. Leave blank to size on the price alone.

1. Your score740Qualifies
2. Your experience1 to 2 projects20% down at closing
3. Down payment20% down$19,980 at closing

You qualifyAt a 740 score with 1 completed project, you qualify for 20% down on this property with the renovation funded.

Fix and flip, experienced

20% down

We fund 100% of the renovation. Closes in 2 weeks.

Cash to close, rough estimate $33,003

Loan at closing $79,920

Rate, interest only from 9.99%

The cap of 87.5% of the total cost leaves $5,914 of the renovation for the buyer.
With one to four completed projects in three years and a heavy (the price or more) renovation: up to 80% of the price at closing and up to 100% of the renovation.
Add an after-repair value to confirm the total: the loan is also capped at 65% of it.

02 - The Numbers at Closing

3010 3rd St priced at the list price.

Item		Fix and flip: 20% down
At closing
Qualifies as entered	Yes
Buyer down payment	$19,980 (20%)
Loan at closing	$79,920
Full renovation, rough estimate*	We fund $101,336
Total loan	$181,256
Rate, interest only	from 9.99%
Points	1.5 ($2,719)
Appraisal	Required
Estimated monthly interest	$1,509 at full draw
Cash to close, rough estimate	$33,003

Rough estimates at the list price of $99,900 for a 740 score and 1 completed project. This is not a commitment to lend.

*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $110 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.

We are the lender, not the listing agent. This property is listed by Sara Hopkins, RE/MAX Precision ((515) 223-9492). To see it or make an offer, contact Sara directly, or work with your own buyer's agent. The numbers on this page are simply what our financing would look like on this property. Viewing them is not a commitment to borrow from us, and you are free to finance the purchase however you choose. We do not represent buyers or sellers.

Request the Term Sheet Call (323) 304-4978

More hard money deals in Des Moines All Iowa opportunities Hard money lender in Iowa Fix and flip loans Every live opportunity Price deals in ChatGPT with our app

Nearby