Repainted exterior, resurfaced parking lot, modernized washer/dryers, replaced/repaired A/C units, minor landscaping and completed unit renovation program (interior two-tone paint, vinyl wood flooring throughout, new appliances, installed ceiling fans at an average cost of $3,200 per unit).
100% occupancy in 30 days following 70 day renovation, 28% increase in rents, full security deposits achieved, 10-year 4.5% interest rate, 60% Loan-To-Value commercial loan attained and returned 15% initial equity to partners upon refinance.
19% leveraged Return on Investment, 13% Cash on Cash on a 10-year average. Ahead of proforma.
Purchased for $445,000 in April 2013, renovation budget of $73,000. Appraised value at refinance was $575,000, current value is estimated at $685,000.