We just couldn't resist renovating another single family! We are dwindling down the amount of single families we renovate as we are moving to focus on condo conversions in and around Boston, but this one we couldn't pass up.
Our hardworking Acquisition Specialist, Greg Cammarata, found this gem through MLS and jumped on it. His initial numbers (renovation and ARV) were almost 100% spot on; we actually were under our renovation budget. This project went under contract in less than two weeks for exactly what our original ARV analysis projected!
The first time we entered this house we knew this wasn't just going to be a lipstick job. Biggest unknowns on the project: structure and septic. We really wanted to do the best renovation possible on this house to bring it back to life. We decided to do the works and open up this house a ton.
As the project reached it's middle point, we were feeling really great about the progress. Not only was the project moving along, but we were actually hitting or below our budgets. That is when we hit some snags with the foundation. A usually easy framing inspection resulted in us having to add 8 lally columns to the basement and totally removing some drop ceiling. Our contractors jumped on this quick and it didn't cause any delays (we do everything by the books and if an inspector says something needs to be done, we do it). All in all this project was moving.
The Final Product:
After 5 months of renovations, this project came out better than expected! We went a bit over on construction schedule but made up for it by going under on our budget. This was our smoothest project yet!
Here is a brief overview of the numbers:
Purchase: $ 100,000
Renovation: $ 120,000
Hold Time: 8 months
Re-sell value: $336,000
Profit: $48,000 (16% ROI)
If you have any questions about this project, feel free to reach out any time by commenting below!
Here's to building the future!