Care Home Rehab & Rental with Cluster Home Opportunity

[Chris LaVoie]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Springfield.

Purchase price: $240,000
Cash invested: $200,000

Remodeled the house, all doors 3ft wide, added a wheelchair friendly bathroom and shower. House is rented as a residential care home.

Property is 1/3 an acre and has space to build 4-8 cluster homes behind the main house.

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

The ability to build cluster homes in the near future.

How did you find this deal and how did you negotiate it?

Wholesaler

How did you finance this deal?

Family retirement $

How did you add value to the deal?

Full remodel to house.

The potential ability to add 6-8 additional homes (to rent or sale - still evaluating options), under the new building codes to help spur more housing is the most intriguing thing about this property.

What was the outcome?

It rented with a great tenant. Hoping to design and start cluster home buildout in 2025

Lessons learned? Challenges?

Sometimes fixers need more work than you estimate.