Westview Road - Fix and Flip Project
Sales and Project Indo
This property was listed and sold through the MLS. The project underwent a major renovation including an addition, was staged for a modern look and feel, and professional photos were taken to demonstrate it's stand-out features.
Acquisition Info
This property had outdated finishes and many cracked plaster walls due to a structural reinforcement project that the previous owner only partially finished. The house also needed new electric, updates to HVAC, a roof, and many new windows.
Project KPIs
Acquisition and Project Basics
Project Type: Fix & Flip
Property Characteristics: 4 bed, 3 bath, plus office
Location: 01602 Worcester
Acquisition Source: Wholesaler / Flipper
Construction/Improvement Timeline: 3.5 months
Total Timeline: 6 months
High Level Financials
Acquisition Price: $314,000
Rehab & Carrying Costs: $195,000
Disposition Price: $585,000
Investment Metrics
Debt or Equity: Private Debt 75% LTP (loan to purchase)
Rehab Funds: Provided by HERE
Investor Returns: Total investor interest earned: $14,200 in 6 months
Annualized Rate of Return to Investor: 12%
Value Add Summary
High Level Scope of Work:
- Replaced electric, roof, and 50% of windows
- New drywall throughout
- New kitchen and baths
Value Add Highlights:
- Added a 400 SqFt addition to make this property stand out. Inventory was limited for 4 beds, 3 baths houses. Existing characteristics were 3 beds, 2 baths with no master.
- Finished a MASSIVE walk-in closet in the 2nd floor that was unfinished attic space.
- Finished a porch into GLA, replaced the windows, insulated and added heat.