Address: 224 Portage Path
Status: Renovation started
Bed/Bath: 4/1
Financials
Purchase: $60,000 (including assignment fee)
Renovation: $35,000
Total current loan: $ 83,700 (including all closing fees)
Gap funding needed: $22,000.
Total new loans with gap funding: $105,700
ARV for property: $160,000 (66% loan to value)
Gap funding needed to upgrade finishes and finish the last part of the rehab process. Lender will be in the second lien position.
General Description: Nice area of West Akron walkable to Highland Square, which is a popular area. This place is perfect for a first time home buyer. It will be listed on the MLS once the renovation is completed.
Renovation Description: Renovation is approximately 60% complete. We are upgrading the kitchen and other finishes. Unfortunately, the contractor who started the project is in rehab and stopped the progress.
Please text me at 440 829 7141 to set up a call. Thanks for looking at this opportunity.