A South Shore investor bought a 3/1 cape in Quincy for $395,000 - dated 1950s construction, small bathroom, cramped layout. Comparables for fully renovated 3/2 capes: $580K-$620K.
LOAN AMOUNT
$495,500
Adding a bathroom and expanding the primary bedroom required a permit pull and a structural wall move - work that would take 5 months minimum. Needed 100% of a $140K renovation budget.
Adler Capital funded $495,500 - 90% LTV plus full rehab budget - closing in 10 days. Draw schedule tailored to the permit-dependent sequencing of the project.
The Outcome
Listed at $614,900, sold in 5 days with multiple offers. Net profit after all costs: $103,000.
Deal Highlights
LOAN AMOUNT
$495,500
PURCHASE PRICE
$395,000
RENOVATION BUDGET
$140,000
FINANCING
90% LTV + 100% Rehab
AFTER-REPAIR VALUE
$610,000
PROJECT DURATION
8 Months
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