Strawberry Mansion Buy and Hold
Investment Info:
Single-family residence buy & hold investment in Philadelphia.
Purchase price: $65,000
Cash invested: $30,000
This property is in a nice rental pocket that should see some decent appreciation in the coming years as it continues to gentrify. My investor bought this for $65k using our HML Sherman Bridge Lending. His rehab budget is $50k and the ARV appraisal came in at $151,718. The lender required 20% down, 3 points up front in fees and 11.99% interest on the loan. He plans on refinancing after three months when the project is finished.
He is going to rent this out for around $1300/mo for 1 year or so, allow for some appreciation, then sell. There is a rental right down the street getting $1300/mo with no central A/C. I am excited to see how this project turns out!
