Our second multi family project in East Boston! This one was in ROUGH shape, in that it was used as a drug den for a few years before it got condemned and boarded up by the city, then sold to us.
Harrison Bonner found this diamond in the rough on MLS and we jumped on a price drop to get it under contract. This two family had an unfinished basement that we knew we could finish and add square footage to the house. After going through the receivership process, we closed on this project and got to work.
The first time we entered this house all we could do was laugh. We had to use flashlights and what we saw was reminiscent of a haunted house: drywall destroyed, walls spray painted, lights ripped out. To top it off the back decks were falling apart. We knew this was going to be a complete renovation PLUS some. We also knew this was going to be a great deal!
This project’s theme was “city delays.” First the receivership process held us up for weeks, then permitting to get the basement included in the square footage took more weeks, and then the gas company delayed us even further. The project itself went pretty smooth when we were able to work. As we reached the middle point of the project, we felt really comfortable with how it was coming out, but uneasy about all of the delays.
The Final Product
After over 10 months of delays and renovations, this project came out really well.Our schedule was really over but our renovation budget was spot on. With our resale value for the condos being under $500k, we feel really confident these two will fly off the shelf in East Boston.
Here is a brief overview of the numbers:
Purchase: $ 390,000
Renovation: $ 300,000
Hold Time: 13 months
Re-sell value: $950,000
If you have any questions about this project, feel free to reach out any time by commenting below!
Here's to building the future!