6 Einhorn Road Worcester

Acquisition Photos & Details

This property was sourced off-market through our TheProHomebuyer.com sales funnel. The property is a 3 family with a 4th unit in the basement. The project was purchased as a joint venture with an active investor-partner. The development plan is to empty the building in June 2025 and perform renovations throughout the summer, then lease all 4 units come mid August, 2025. This building is located ON the WPI campus, which commands about $1000+ per bedroom in minimum rents.

Project KPIs

Acquisition and Project Basics

Project Type: BRRR

Property Characteristics: 3 Unit with In-law, total of 8 bedroom, 4 baths

Location: 01609 Worcester

Acquisition Source: The Pro Homebuyer

Construction/Improvement Timeline: 2 months

Total Timeline: 8 months to stabilization

High Level Financials

Acquisition Price: $560,000

Rehab & Carrying Costs: $180,000

Targeted Refinance Value: $840,000

Targeted Gross Rents: $9,400/month

Targeted Expenses: 24%

Investment Metrics

Debt or Equity: JV with active investor 50/50, plus 80% LTP bank financing

Repositioning the debt at stabilization to 75% of new appraised valued

Projected cash left in the deal after cash-out refinance: $120,000 total

Projected Year 2 cash flow: $36,000

Projected COC Return per partner: 30%

Value Add Summary

High Level Scope of Work:

Add Sprinkler and Fire Alarm to make 4th unit legal
Update finishes throughout
Replace all electrical and service
Replace furnace and HW
Replace old toilets, faucets, washing machines and other appliances

Value Add Highlights:

Adding 4th legal unit will bring immediate $185k increased value
Removing existing oil furnace and replacing with HE gas combi unit and smart thermostats throughout will decrease heating and HW costs by appx. 30% annually
Rewiring each unit to remove outlets with no grounds, adding a fresh 125amp panel to each unit, and separately metering each unit will allow operators to pass electric costs directly to tenants, lowering operating costs by 20% out of the gate.
Water conserving plumbing appliances will be installed throughout, lowering the water/sewer bills by an estimated 10% annually, if not more.

Einhorn Road, Worcester

Below are a few exterior pictures of this project. As we empty the building, interior conditions will be documented prior to completing the overhaul.

STATUS: Rent