Total Rehab in the NOLI District
Investment Info:
Single-family residence fix & flip investment in Lexington.
Purchase price: $25,000
A Current Fix and Flip in the NOLI District of Lexington, KY that we have on-going. We estimate needing to put around $60-70K into the renovation of the property. We would like to perform the BRRRR Strategy on the this and hold it as a rental.
What made you interested in investing in this type of deal?
The potential for the area is increasing, and the cost of entry was very low. It had sat on the Market for months vacant in bad condition. Once a fixed up property sold down the street for $140K. It helped to understand its ARV better.
How did you find this deal and how did you negotiate it?
We threw out a low ball offer at $15,000 and agreed to a price of $25,000.
How did you finance this deal?
Cash from a HELOC
How did you add value to the deal?
We are currently in the process of Demo'ing the property to the studs. We will be adding all new everything.... electric, plumbing, insulation, windows, HVAC, kitchen and bathrooms, finishings, siding, etc.
What was the outcome?
Estimated
Equity Gained - $40,000
ROI - Infinite due to refinancing all our money back out. Expected monthly rent is $1,000.