415 Larkwood, San Antonio (Alamo Heights), TX Project

DESCRIPTION:

Motivated seller – Inherited the house & could no longer afford it.  Ugly house in high demand area.

CHALLENGE:

House ARV (After Repaired Value) =   $230,000

Our Purchase Price =                                   $137,000

Repairs =                                                           $30,000

Closing/Carrying Cost =                            $4,000

Total Loan =                                                   $171,000

SOLUTION:

• House needed to be modernized.  Gutted kitchen and bath, added 2nd full bathroom –  Private investor lent $155,000 for purchase and majority of repair costs.
• Listed the house on MLS and had contract in 5 days for $228,000.  Closing October 9.
• Investor made $7,750 in 4 months.