Part 2 of "1st Quadplex Newport, DE"

[Jack Clough]

Jack Clough Investor/ Licensed Agent from Wilmington, Delaware

My original post (part 1) is below. Here are the deets for part 2 and the after pics of the interior:

All work is complete and all units rented. 

In part 1 I had estimated that purchase and rehab would be 200k. Actual cost of purchase and rehab ended up at 225k. I had estimated gross rent at $4800, but actual rent is $4400.

Large 3 bed (estimate $1400), actual $1400

Small 3 bed (estimate $1300), actual $1200

2 bed (estimate $1200), actual $1000

1 bed (estimate $900) actual $800

Original Post for 1st Quadplex Newport, DE Part 1 below:

Jack Clough Investor/ Licensed Agent from Wilmington, Delaware

posted about 1 month ago

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

After

[Francis E. Bromwell JR.]

Jack Clough and I are very pleased with the outcome. Although we were slightly over budget we were able to hit our target on scheduling given the scope of project and amount of unforeseen conditions we ran into through the process. Feel free to reach out if you have any questions about the construction side of things.