Hello all…..
Here is a very simple deal if anyone is looking to get a good return on a simple project……
Lorain, Ohio is about 30 minute west of Cleveland. It is a solid, working class community. Great place for rentals as well. The government is much more landlord friendly than Cleveland, and the purchase to rents are better as well.
Address: 1$$$ W. 7th, Lorain, OH
Occupancy: Vacant
Bed/Bath: 4/2
Financials:
Purchase: 90,000
Rehab: 28,000
Build in 6 months of prepaid insurance
Build in 3 months of loan interest payments
Comparable Sales Range: 160-180k
General Description: Solid area, close to lake and public park/beach. Will make a great rental, or homeowner sale. Will probably market as both, whichever produces the faster sale at a decent number.
Renovation Description: This is a classic “grandma” house, someone lived there for a long time and took good care of it, needs a refresh. Cosmetic rehab with light exterior work. Purely cosmetic interior work. Needs junk cleaned out.
Exterior General: In general very good shape. Some siding repair/painting on rear exterior wall of the house. Repair some wood at base where a deck was attached.
Interior General: Paint entire interior including kitchen and bath. New light fixtures and plumbing fixtures. Install new light switches/covers and outlets/covers. Remove old carpet – TBD for new flooring depending on condition of underlying existing flooring.
Kitchen: Kitchen cabinets in excellent shape, maybe do a new laminate countertop. New plumbing fixtures. New light fixture. Paint walls. New LVP flooring.
Bathrooms: Downstairs bath is a complete remodel, will be a nice large bath with walk in shower. Upstairs bath is already done, very recently remodeled.
Basement: Walls and wood structural members in good condition.
MEP: Test all breakers and outlets/circuits. Electrical panel appears to be in good condition. Service furnace and HW heater to ensure functionality, no need to replace. Repair any plumbing as necessary.
If anyone is interested in discussing this deal, or the many others we have that are just like it, feel free to reach out via the direct message or text me directly and we can set up a call. 440 829 7141
There are three potential exit strategies for this property. The more exits, the safer the investment.
1. Sell to a homeowner
2. Put a tenant in ( rentometer $1350-1500 per month) and sell as a turnkey product to an investor
3. Refinance. We can take this to a bank and refinance, take all of the investors money out and own the property with zero dollars, creating an infinite return.