Completed BRRRR Deal in Akron Suburb

[Jen R.]

Thought I'd post the numbers and pics from our most recent rehab project in Tallmadge, Ohio (a suburb of Akron). We bought the property in July 2016 off the MLS using our own cash and private funds; after owning the property for a little over a month and completing the majority of the rehab, we used delayed financing, cashed out the initial purchase price, and paid back the private loans. The rehab took about 8 weeks, and we have tenants moving in this week.

Purchase price: $81,500
Closing costs (associated w/ purchase): $700
Repairs: $14,000
Total initial investment: $96,200

Delayed financing mortgage: $80,500
Closing costs (includes loan costs & escrow): $3,800
Total cash invested: $19,500

Monthly rent: $1270
Monthly PITI payment: $597.32
Monthly maintenance & capex: $225
Vacancy: $63.50
Management allowance (we are currently managing ourselves): $63.50
Monthly Net Income: $321

Cash on cash return: 19.75%

[Jen R.]

Here are a few before and after pics of the property: