Auction.Com Duplex

[William Collins]

So this story starts in March with an Auction.com offering of a duplex, near to an existing triplex in New Britain Connecticut.  The auction started at $56,000, and I did not bid past $75000.  So the auction ended- reserve not met, and I did not win.  I was contacted within two days of the auction, and was told my offer was accepted.  Long story short- I bought this over under 3 BR/ 1 bath duplex in a nice area of New Britain. 

Spec: 2456 square foot

Purchase price: $75000

Rehab project:  $9200 roof

$16800- paint, flooring, new appliances.

Units: 1100 sq foot 3 bedroom 1 bath with washer/dryer

End lease price estimate from $1000- 1100 per unit.

ARV value: $150,000

Cash out refinance: 70% LTV. Netting $105,000

Total Cash in after refi: $-5,000