A Palm Beach County investor found a 3/1 in Lake Worth Beach for $195,000 - original 1960s construction, all original finishes, roof past useful life. Updated 3/2s in the area: $340K-$370K.
LOAN AMOUNT
$285,500
Adding a bathroom was central to the value thesis. The $110K renovation budget included a bath addition, full kitchen remodel, new roof, and exterior paint. Needed 100% of rehab covered.
Adler Capital funded $285,500 - 90% purchase plus 100% rehab - in 9 days. Draw schedule structured to release roofing and bathroom addition funds first.
The Outcome
Sold for $362,000. Net profit: $67,000. A lean, fast deal - investor had all capital recycled and redeployed within 7 months.
Deal Highlights
LOAN AMOUNT
$285,500
PURCHASE PRICE
$195,000
RENOVATION BUDGET
$110,000
FINANCING
90% LTV + 100% Rehab
AFTER-REPAIR VALUE
$355,000
PROJECT DURATION
7 Months
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