Chicago Single-Family BRRRR w/Pics & Numbers
This is my latest rehab that is in the refinance stage of BRRRR. I will begin by stating that the rehab went over budget as I decided to test out more durable materials such as using Life Proof Flooring throughout the entire home excluding the bathroom. Epoxy Grout was used in the bathroom and Kitchen back splash to reduce grout maintenance. A laundry closet was added to remove the washer and dryer from the kitchen, and the entire home was rewired and the electrical service was upgraded as the home seemed to have had the very first breaker box every made. If all goes well with the appraisal during the refinance there will be about $5K left in the investment.
Special thanks to my GC @Robert Leach and his team who did a great job start to finish, and to @Mark Ainley who I can always depend on to help answer the tough questions. 😊 (We had to Killz the ceiling 4 times to stop the tobacco from bleeding through.)
- Single Family
- 3 Beds 1 Bath
- Built on a Slab
- 2 Car Garage
- Short Sale - 2 Months Start to Closing
- Financed with a Hard Money Lender (Lima One Capital)
| PURCHASE COSTS: | |
| Purchase Price | $ (46,500.00) |
| Inspection(s) | $ (400.00) |
| Appraisal(s) | $ (900.00) |
| Survey(s) | $ - |
| Lender Fees/Costs | $ (3,760.90) |
| Closing Costs | $ (4,204.22) |
| Other | $ - |
| Total: | $ (55,765.12) |
| REHAB COSTS: | |
| Labor (from page 2) | $ (27,400.00) |
| Materials (from page 2) | $ (17,729.00) |
| Total: | $ (45,129.00) |
| Unit Breakdown | |
| Unit 1 | $ 1,400 |
Assuming $125,000 ARV during Refinance
| ReFinance Assumptions | |
| LTV | 75% |
| Loan Amt | $93,750 |
| Equity Left | $31,250 |
| Interest Rate | 5% |
| Mortgage (yrs) | 30 |
| Mortgage Payment | $ 489.04 |
| Cash Out Refi Return | $ (4,983) |
| ReFinancing Key Values | |
| Cost/Unit | $ 93,750 |
| Cash On Cash Return | 118.31% |
| Monthly Cash Flow | $ 491 |
| Annual Cash Flow | $ 5,896 |
Before
After
Thanks for reading, let me know what you