Purchase #1 (Units 1-4) - Gastonia Fourplex

Cash Flow - $850/mo

 

We all start somewhere, and this is it for me! Enter my first investment - a 100 year old multifamily home with four 1br/1ba units rented out for well below market value. This used to be a 3,100 sqft farm house that a previous owner converted into a quad. There is plenty of work required, but this old home has a hidden charm to it that will be fully revealed soon.

PURCHASE DETAILS

List Price: $210,000

Purchase Price: $160,000

Closing Date: September 13, 2019

Source of Deal: MLS

Funding Source: Conventional

Size: 3,098 sqft 

Estimated Rehab Cost: $15,000

Estimated ARV: $215,000

Bed/Bath: 4br/4ba

 

REFI DETAILS

Appraised Value: $234,000

Refi Date: October 30, 2020

Actual Rehab Cost: $45,000

Final Cash Left In: $30,000

Final Cash Flow: $850 ($3,100 rent)

Final COCROI: 30%

 

BEFORE

 

IMG_2314
IMG_2313
IMG_2305
IMG_2298
IMG_2299
IMG_2287
IMG_2260
IMG_2279
IMG_2275
IMG_2284
Street View
Pic3
Pic2
Pic1

AFTER

 

IMG_6569.HEIC
IMG_8075.PNG
IMG_8074.PNG
IMG_8073.PNG
IMG_6560.HEIC
IMG_6556.HEIC
IMG_6084.HEIC
IMG_6550.HEIC

Gastonia Fourplex Blog