First Quadplex - Newport, DE
Last November, a partner and I purchased a quadplex in Newport, DE for 40k after negotiating directly with the owner who was way in over his head trying to rehab by himself (much more to that story...).
This was a complete gut job of 4500 sf. There are two 3/1 units, one 2/1 unit and one 1/1 unit. It was a very big job, but my partner's construction company has done all the work and we are 90% complete after 3 months. Hoping to have it fully rented by 4/1. Then we'll refi and do it again. And by the way I have a possible deal on 6 duplexes (12 units) and could use some hard money lenders.
Summary
Purchase = 40k
Rehab = 160k
Total = 200k
ARV = 450k
Unit 1 = 1400/mo
Unit 2 = 1200/mo
Unit 3 = 900/mo
Unit 4 = 1300/mo
Total Rent = 4800/mo (2.4% of investment)
Interior pics to follow in a separate post but here are the exterior...
Before
After
Most Popular Reply
Those are some great numbers; I'm jealous! But it was well-deserved with how much work you've put in. I don't think I've ever seen a rehab that was 4x the purchase price.