Diary of a Single Family Rehab Project in Plainville, CT
Lately our investing focus has been on purchasing, rehabbing, renting out, and either refinancing or selling multifamily homes in our area.
It has been a while since we did a single family project, which has largely been a function of the market inventory available that made sense from a numbers perspective.
While as a brokerage we help people purchase investment properties all over the state, our investing business is very local to our base in Plainville, Connecticut and there is typically a lot of competition for good single family flip deals in the towns we typically operate in. We are hoping this can be a solid deal for us, and who knows maybe it will open the door to more single family deals.
Here are the basics:
- Purchase price: $85,000
- Rehab budget: $30,000 (in a future post we will show the detailed draw schedule outlining specifics of the budget)
- Projected ARV: $180-$190k
- Yearly taxes: $3532/yr
The property is a 3 bed, 1.5 bath 1250 sq ft ranch located in Plainville, CT. There is 975 sq ft on the main level and 275 sq ft in the finished basement area.
We purchased this home as an occupied foreclosure in january from an auction website and when we purchased the home was still indeed occupied, more on how that unfolded in the next post.
To give you a sneak preview of what we saw when we entered the home for the first time here are some before pictures.....
