1890's Diamond in the Rough!

[Tracy Taylor]

Investment Info:

Single-family residence fix & flip investment in Loveland.

Purchase price: $120,000
Cash invested: $79,000
Sale price: $285,000

This property had been on the market for over a year. The main issue - and the reason it was such a low price (and scared buyers) - was the foundation which was sagging and cracked. But the market in Loveland has always been hot and I knew it would be worth it to repair. The house was was built in 1895! But adorable with a super cute shady back yard with a private alley access. The house is only 975 sf. The image looks larger. Two beds / one bath. Beautiful old hard wood floors. Truly a 'starter' home for a young family (which indeed turned out to be the case).

After all due diligence was done and it was structurally inspected, we had the foundation beams totally replaced, the concrete blocks repaired and perimeter mudjacked. That was about $37,000. Not too bad to literally raise the house back up! The interior needed the standard repairs and upgrades, exterior was painted and the back yard cleaned up all for about $42,000.

The original loan was hard money for 80% LTV @ 10% over 18 months. The rehab funds were also hard money @ 12% over 18 months. We sold the house less than two weeks from completion and listing. FUN project.