Repainted exterior, expanded fence line to create backyards, exterior lighting, replaced every air conditioning unit, replaced electrical system, minor landscaping upgrades, and completed interior renovation program (two-tone paint, new flooring in bedrooms, new bathroom vanities, and new appliances at an average cost of $3,800 per unit).
Complete turnover of tenants and 100% occupancy in 90 days, 30% increase in rents, security deposits achieved, 75% LTV loan attained on a 30 year fixed term. Cash on Cash returns went from 3% when acquired to 14% upon stabilization.
22% leveraged Return on Investment, 16% Cash on Cash on a 10-year average. Ahead of proforma.
Purchased for $359,000 in 2010, renovation was approximately $100,000. Current estimated value is $850,000.