Looking for JV partner: 2FR Northborough, MA (condo conversion)

[Tim Wilkinson]

Hello lenders,

I have a 2FR in Northborough, MA (positive absorption) that is old (1816) with great bones.

All in: under $400K

ARV: 550K

I have full flip report with detailed repair costs ready for any interested parties. 

• It is already a legal 2-family
• .78 acres (new septic install required, contingency sale)
• Seller's agent says won't entertain any offer below $250K. I want to offer $230 and pay no more than $240.
• Exterior needs nothing. Septic install comes with seeding and fertilization. There will be a large green space in back yard.
• Unit 1: 3/1.5 approx. 1550 sf.  Unit 2: 2/1.5 approx. 1200 sf.
• 2 bay detached garage recently built. Condos will each have one.
• I have spoken to environmental engineers and this land is known for good perc rates and I got a pretty firm estimate on the upgrade required.
• Finishes will be above average, not design grade.
• Repair Estimates are Conservative/ I can self-perform

Thanks all! Have a great day!

Tim Wilkinson, Community Property Investments, LLC