The Property:
The property is located at 1625 E. Cambridge, Phoenix, AZ, and is close to a downtown commercial attraction, Copper Square. A total of 7 rental units already existed on the 1.08 acres of land. It’s zoning, however, allows for 22 units. (The picture above represents the vision of the property we presented. The actual property was vacant land.)

The Find:
This property was found by driving the area and knocking doors after we found our first property, 1713 Cambridge Street.

The Technique:
We offered a cash purchase for a discount, and purchased this property for $445,000. The property when we purchased it had an existing 7 units all were rented out and brought in a Gross Operating Income of $1,900 per month. However, we knew the property could be developed to 22 units. We immediately placed the property back on the market listing at its potential value. Simultaneously we developed plans to tear down and reconstruct 22 units. The picture above was the vision of a finished development we used to sell this property.

The Contract:
We wrote a standard Real Estate Purchase Contract with a cash purchase. 

The Result:
The only work we did was the preliminary plans for future development, and this small effort revealed a whole new potential for the property. We now have this same property under contract to sell for $835,000, creating a $390,000 profit almost doubling our money.