Latest BRRRR in Tacoma
This is one of our latest BRRRR in Tacoma. Overall the project turned to be pretty good, according to bank appraisal we have 40k+ (20%-25%) walk-in equity. $1450 rent versus total cost of 157K , just shy of 1% (0.93%). Most importantly we finished in 6 weeks.
The house is good SFR 3/1 with garage and 6000 sqft lot in a decent C++ neighborhood. It was great working with partners @Pradeep Tiwari and @Timothy Tooker.. Tim's construction company executed with an deep sense of ownership and responsibility..great partnering with both..
Will be posting as we complete more projects in tacoma, Puyallup, Olympia and the whole southside..
Property acquired: November 1st
Completed: December 12th
Here is the deal analysis.
Buying Cost: 113K
Closing Cost: 5K
Hard Money cost (Points+origination + interest): 8K
Rehab Cost: 31K
Total Cost: 157K
Appraised ARV: 202K
Walk-in Equity: 40K+
Rent : $1450
Gross yield: 0.93%
Among all the reno work -we changed roof, removed a large tree, paint and santitized interior, changed whole floor, cadet heaters and some electrical work, counter-tops, replaced some broken cabnets, resurfaced the rest, appliances, resurfaced the tub, all lights, plumbing fixes, dry-wall and yard cleaning. We left the windows.
Before
After