First Quadplex - Newport, DE

[Jack Clough]

Last November, a partner and I purchased a quadplex in Newport, DE for 40k after negotiating directly with the owner who was way in over his head trying to rehab by himself (much more to that story...). 

This was a complete gut job of 4500 sf. There are two 3/1 units, one 2/1 unit and one 1/1 unit. It was a very big job, but my partner's construction company has done all the work and we are 90% complete after 3 months. Hoping to have it fully rented by 4/1. Then we'll refi and do it again. And by the way I have a possible deal on 6 duplexes (12 units) and could use some hard money lenders.

Summary

Purchase = 40k

Rehab = 160k

Total = 200k

ARV = 450k

Unit 1 = 1400/mo

Unit 2 = 1200/mo

Unit 3 = 900/mo

Unit 4 = 1300/mo

Total Rent = 4800/mo (2.4% of investment)

Interior pics to follow in a separate post but here are the exterior...

Before

After