Update - $315k PP, reappraised for $475k!

[Louise Cornell]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Ridley Park.

Purchase price: $315,000
Cash invested: $30,000

This was a fantastic fully occupied quadplex in Ridley Park on a large corner lot. It's a little more than 2,600 sqft in solid shape. Needed an exterior and minor interior clean up. All units are 1 bed/1 bath but buyer is considering eventually making one very large unit into 2 beds. Looking to appraise in a few months.. will keep everyone posted.

Update 10/26/2021: The buyer put $365k in ($315k purchase, $50k in rehab) and ended up appraising for $475k!

How did you find this deal and how did you negotiate it?

Off-market. A seller who had lived there for 30 years was ready to let it go and needed the cash within 30 days for a new property.

How did you finance this deal?

Buyer purchased with cash.

How did you add value to the deal?

$50k of work was put in. Updated two of the units, new exterior paint job, and partial roof replacement. 2 tenants agreed to pay up a bit to stay.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Buyer came to me for an off-market multi. I was able to find them one in 25 days.