We have a contract on a duplex that was originally a single family home in the Ohio city neighborhood, just outside of Downtown Cleveland. It has been a fast growing area for about a decade. It is mostly renovated or new builds. Yuppie paradise. We are looking for funding to purchase and rehab ( convert back to a single family and almost double the ARV). The home was gutted and work wass started during Covid but the contractors went out of business and the world went insane and things stopped. We have renovated 75 units in the area and know it very well. I lived around the block for many years.
Here are the ball park numbers. We have a few things that need worked out but these will be close.
Purchase $210,000
Renovation $110,000
ARV $470,000
The renovations include new siding, a new kitchen, refinish hardwood floors, two new bathrooms, paint throughout and some exterior touch ups. We have a designer to lay the place out to get the highest dollar upon sale.
It was a beautiful old house that was converted into a duplex a long time ago. It will be a single family home again. The demo started a while back and some of it was put back together. We have to fugue out the exact logistics as to the bed bath count once converted. It should end up being a 4 bed, 2.5 bath once finished. The comps in the neighborhood for a newly renovated house are between 400-650k.
We are looking for money for the purchase and rehab. Lender would be in first lien position. Let me know if you have any questions. We have other deals in the pipeline that range from 75-150K that also need funding.
We can be flexible on terms. We are open to discussion. We have already connected with some good lenders in here but the deal flow is heavy right now and we would like to continue to expand. We are looking for lending partners to be partners moving forward. Lets all make money together. Thanks for your consideration.