My first BRRRR - 60K purchase, 230K ARV

[Shamar Gregg]

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $60,000

Purchase this property for my first BRRRR. I've done a few multifamily deals before but I bought this property because of its BRRRR potential. Fell in love with it because it hit all my boxes. Next to a tennis court, basement space for additional square footage to increase value, currently in live-able condition, multiple comparables. I had a professional appraisal done it in August 2023 and it came back at 230K. As of December, there is a house a block (0.19 miles)over going for 255K!

What made you interested in investing in this type of deal?

ARV potential and potential rent for 5 bedrooms for the area. Looking to get this started once I complete my 3 unit renovations.

How did you add value to the deal?

Adding two bedrooms in basement plus bathroom. Making it into a 5 Bed/ 2 Bath.