Elwell street malden- fix and flip
Disposition Photos
This property was listed and sold through the MLS. Overall, this rehab was mainly cosmetic with light MEP updates as needed.
Acquisition Photos
This property had long-time residents who did not want to deal with showings and inspections. We were able to accommodate their request for a 2 month U&O post closing, which allowed them to stuff their pockets with cash and buy a new home in the Midwest with no home-sale contingencies.
Project KPIs
Acquisition and Project Basics
Project Type: Fix & Flip
Property Characteristics: 3 bed, 2 bath
Location: Malden, MA
Acquisition Source: Off-Market Via Agent
Construction/Improvement Timeline: 2 months
Total Timeline: 6 months, including a seller U&O for 2 months
High Level Financials
Acquisition Price: $482,000
Rehab & Carrying Costs: $120,000
Disposition Price: $718,000
Investment Metrics
Debt or Equity: Bank Financing, 75% LTV with construction holdback and draws
We were able to secure bank financing on this project in combination with a new LOC leveraging privately held assets.
Value Add Summary
High Level Scope of Work:
- Deep cosmetics and updating of entire floorplan
Value Add Highlights:
- This home is 5 minutes off route 1, and 15 minutes to Downtown Boston
- Our goal was to provide a buyer with an updated, low-maintenance home
- Existing floorplan allowed a dining room to be advertised as a 4th bedroom/office or dining space.