1501 Locust St Assigned

1501 Locust St

This is a triplex hosting three units each having 2 Bedrooms and 1 Bath.  There is currently a 4th unit in the basement, in which there are no windows.  We recommend converting it into storage space that could be rented to the tenants for additional revenue.  The bones of the property are good, but the inside is severely distressed.

Once fully remodeled, each unit is projected to rent for $800-850, thus making monthly revenues around $2500/mo.

We have received multiple bids for various components of the project and Heritage Home Investments can manage a full construction rehab for $175,000.  This is for all new HVAC, electrical panels, shingles, kitchens, bathrooms, interior, exterior, etc.

A nearby triplex recently appraised for $290,000, thus making the projected ARV $265,00-290,000 for this property as well.

For an all-in purchase + rehab price of $193,000, this is a great opportunity to earn rents that exceed the 1% rule.

ARV: $265,000-290,000
Asking Price: $18,000
Estimated Rehab: $175,000
Estimated Rent: $800-850/mo per unit

*Rehab descriptions are provided as a courtesy. We strive to help investors have a better understanding of possible needs and numbers. Information provided here is NOT an exhaustive scope of work nor is it a bid for contractor and labor. Please do your own due diligence as numbers/ARV are not guaranteed; they are based on our current knowledge of the property/market, experience, and a quick walk through.