Fix and Flip Porject - Hunthurst Circle, Worcester, MA
Disposition Photos
This property was listed and sold through the MLS. The project underwent a major renovation, was professionally staged for a modern look and feel, and high-res photos and video were taken to demonstrate it's stand-out features. Final sales price = $514,750
Acquisition Photos
This property was highly distressed at the time of acquisition. The seller had dozens of cats, 3 dogs, and was a hoarder. We delivered tremendous value to this seller by enabling her to close quickly so she could move to a new home across the country. We waived the home inspection and allowed her to leave behind any contents she didn't want to make the journey. Purchase price $275,000
Project KPIs
Acquisition and Project Basics
Project Type: Fix & Flip
Property Characteristics: 4 bedroom, 3 bath
Location: Worcester, 01606, steps away from Worcester State
Acquisition Source: Word of mouth, direct to seller
Construction/Improvement Timeline: 2.5 months of construction
Total Timeline: 4.5 months
High Level Financials
Acquisition Price: $275,000
Rehab & Carrying Costs: $125,000
Disposition Price: $514,250
Value Created: ~$100k
Investment Metrics
Debt or Equity: All cash purchase (no leverage)
Investor Returns: $100k+
COC Return: 25%
This deal was 100% funded by Hutchins Esperti RE partners. We raised no outside funds which lightened the carrying costs significantly.
Value Add Summary
High Level Scope of Work:
- This project presented a unique challenge in regards to mitigating the pet odors due to the owner's hoarding of animals.
- All finishes were completely removed including millwork, non-hardwood floors, cabinets, vanities, etc.
- All surfaces were cleaned, sanitized and sealed with odor mitagating primers. New finishes, HVAC, kitchen and baths were all installed throughout.
Value Add Highlights:
- Added 200 square feet of converted porch to GLA by replacing the windows and installing new insulation and drywall.
- We spent more time and money than usual on the back yard. It had the bones to be an oasis. We deep cleaned the existing concrete pads, painted the concrete, added a section of nice sod, and cleaned out the existing outdoor fireplace.