REO In Northside - Rehab Valuator

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Apr 2, 2011 ... Exterior Work: Exterior Trim. Clean gutters and repair trim in rear and front. 95. Exterior Doors. Porches. Repair screen on front porch and closer.
REO in Northside 3710 Westcliff Ave Richmond, VA 23222

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All-brick cape in a great location! Located in close proximity to highways, downtown, and VCU/MCV Campuses. Property has just undergone a full renovation, top to bottom. Tenant in place with a 24-month lease @ $1200/month.

Exclusively Presented By: Daniil Kleyman Evolve Acquisitions, LLC 3220 Pump Rd #169 Richmond, VA 23233 804-991-xxxx [email protected] www.EvolveAcquisitions.com

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3710 Westcliff Ave Scope of Work and Budget

Preliminary Work Demo Architectural fees Master Building Permit Trade Permits: Plumbing Electrical HVAC Dumpster Other

Details/Notes

Sq Ft

Quantity Rate

Remove carpet upstairs, wallpaper in upstairs bath, demo existing boiler

Budget 225

100

Interior Work: Electrical Electrical

Ground all outlets, change to 3prong Upgrade to 200amp, replace panel, change out wire to meter.

Electrical HVAC Plumbing Toilets Framing Light Fixtures

Install light fixtures in downstairs living room, bedrooms and upstairs bedrooms new 2-zone system (2 2-ton units) Install 2 new toilets 2 of them Framing in HVAC Ductwork 3 Fans, 2 Track Lights, 1 Dining

Interior Doors Plumbing Bathroom Vanities Bathroom Fixtures Remove radiators and plug holes Labor to install Kitchen Floor Coverings 1 Floor Coverings 2 Floor Coverings 3 Interior Painting Change locks on bedroom doors Drywall closet upstairs bedrooms Repair stair rail Install front and rear locks

32

15

480 1200

4

75

2 2

60 90

300 6300 120 180

6

70

420

Install washer/dryer hookups Vanity for upstairs Labor to install vanity ***NOT DOING THIS

110 120 45 0

Sand and Poly floors up and down

1600

Install laminates in kitchen and vinyl in bath Laminates and vinyl 4 rooms and stairs Includes locks and labor

135 200 400 135 70 15 125

3

45

Exterior Work: Exterior Trim Exterior Doors Porches Siding Exterior Painting Roof Gutters, Downspouts Fencing Landscaping Driveway, concrete work Foudation work Brick pointing, replacement Termite Treatment Other: Contingency Appliances Cleanup Other

Total

Clean gutters and repair trim in rear and front

95

Repair screen on front porch and closer

45

Shed

150

Fridge, Washer/Dryer, Range (?)

2000 500

15070

Completely Renovated, Leased Brick Cape Property Street Address: Property City, State, Zip: Bedrooms: Baths: Square Feet: Year Built:

3710 Westcliff Ave Richmond, VA 23222 4 2 1600 1920

Presented By: Daniil Kleyman Evolve Acquisitions, LLC 804-991-xxxx www.EvolveAcquisitions.com [email protected]

Property Description: Brick Cape with 4 bedrooms, 2 full baths. Located in Henrico co, in close proximity to highways and downtown. Brand new central air system and ductwork, upgraded electrical panel, new ligh fixtures, refinished floors, new floorking in kitchen and baths, new vanities, paint, and other cosmetic work. % of ARV PURCHASE/REHAB ASSUMPTIONS

Work Completed:

After-Repair Value (ARV) Purchase Price Rehab Cost Total Holding and Closing Costs (not inc. Sale) Total Financing Costs Total Project Cost Basis Total Amount Financed Total Cash Committed

120,000.00 57,000.00 15,070.00 2,940.00 75,010.00 75,010.00

48% 13% 2% 0% 63%

PROJECTED RESULTS Projected New Loan Amount (for Refi) Closing costs on New Loan Cash-Out at Refi Profit at Refi *(cash pulled out in excess of investment) Assumed Time to Complete Rehab: Assumed Time to Complete Sale: Total Time between Acquisition and Sale

80,000.00 2,400.00 77,600.00 2,590.00

Cash Left in the Deal after Refi 40,000.00 Equity Left in the Deal after Refi Monthly Cash Flow (before-tax) 513.54 Infinite Cash-on-Cash Return (before-tax) DCR of New Loan 1.86 Assuming 6.5% Rate and 20 Year Amortization

2 Months 2 Months 4 Months

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Front

Back

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Comparable Sales Report For 3710 Westcliff Ave Property Street Address: Property City, State, Zip: Bedrooms: Baths: Square Feet: Year Built:

1 2 3 4 5 6 7 8

Address 4808 Chamberlay Ave 23227 1256 Main St 23227 1774 Grace St 23226 3614 North Ave 1605 Cliff Ave 2905 2nd Ave 3112 4th Ave 1521 Northside Ave

3710 Westcliff Ave Richmond, VA 23222

Presented By: Daniil Kleyman Evolve Acquisitions, LLC 804-991-xxxx www.EvolveAcquisitions.com [email protected]

4 2 1600 1920

Beds 4 4 4 4 4 4 4 4

Baths 2.5 2 2.5 1.5 2 2 2.5 1.5

Sq Ft 1800 1750 1623 1702 1560 1440 1800 1574

Date Sold 4/1/2011 4/15/2011 4/2/2011 2/1/2011 2/15/2011 2/29/2011 1/27/2011 1/15/2011

Sales Price $156,000 $142,000 $147,000 $140,000 $168,000 $127,000 $168,000 $141,000

Notes: Fully Renovated Fully Renovated Good Condition Decent Shape Fully Renovated Partial Reno Fully Renovated Ok Shape

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Comp 1

Comp 2

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Comp 3

Comp 4

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3710 Westcliff Ave Richmond, VA 23222

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Living Room

Dining Room

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Kitchen

Bedroom 1

Bedroom 2

Swing set and shed!

Another view of backyard

Tankless Gass Water Heater!

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