A 1910-built three-decker in Worcester's Greendale neighborhood. Vacant for 18 months, plaster falling, ancient mechanicals. Purchase: $235,000. Investor's plan: full gut, modernize all three units, sell to an owner-occupant.
LOAN AMOUNT
$463,000
First-time Worcester flipper (had done two flips in Springfield prior). Ambitious $215,000 rehab budget with structural work. Required a lender willing to fund full rehab on a non-resident first-time Worcester operator.
Adler Capital approved at 88% LTC on purchase plus 100% of the $215K rehab budget - $463,000 total. Closed in 13 days. Draws released at demolition, framing, mechanicals rough, drywall, and CO. Investor's prior Springfield experience earned the higher LTC tier.
The Outcome
Sold to an owner-occupant at $585,000 - first showing. Net to investor after loan payoff and costs: $89,000. He now has three more Worcester triple-deckers under contract on the same program.
Deal Highlights
LOAN AMOUNT
$463,000
PURCHASE PRICE
$235,000
RENOVATION BUDGET
$215,000
FINANCING
88% LTC + 100% Rehab
AFTER-REPAIR VALUE
$595,000
PROJECT DURATION
11 Months
More Deals
See how Adler Capital has structured financing across property types, markets, and deal sizes.
A 5-unit walk-up in Springfield's Forest Park section. Stabilized, all rents at market, NOI $42,000. Asking $385,000. Investor was 1031'ing out of a Tampa duplex and racing the 180-day exchange clock.
A 1920s craftsman bungalow in St. Petersburg requiring historical restoration, foundation leveling, and modern master suite addition.
A 4/3 estate home in Winter Park with deferred maintenance and overgrown landscaping.
