3-Family Plainville, CT BRRRR Project

[Michael Noto]

Here are the basic details of the project:

• Closed on the deal on December 18th of last year
• Location: Plainville, Connecticut
• Purchase price: $120,000.00
• Rehab amount: $22,000
• ARV: $210,000
• Property type: 3-family
• Taxes: $3830
• Sq ft: 2534
• Unit breakdown: All 2 BR units
• Projected rent roll: 1st floor $1100, 2nd floor $1000, 3rd floor $875 = $2975 total
• Area: Solid B area (largely a solid residential middle class town, only 1 other 3-family has sold in this town in the last 2+ years)
• Exit strategy: BRRRR project, the plan is to cash out refi

We are a little delayed in posting this diary so in the coming posts we will detail what went into purchasing the property and where we are in the rehab phase of the project. From there we will try and keep up with posting updates regularly.