113 Armstrong

Before Rehab

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After Rehab

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Address: 113 Armstrong, Jacksonville, NC 28540
Property type: Residential Rehab and Sale, SFR
Purchase Price: $50,400
Rehab cost: $15,000
ARV: $105,000
Date of Purchase: 07/16/2015
Projected timeline for refinance or sale: 3-5 months
Ground Partner: Lou Ellis
Company Name: Ellis Construction
Contact details: ellisconstruction@hotmail.com; (252) 886-2136
AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
113 Armstrong, Jacksonville, NC 28540Residential Rehab and Sale, SFR$50,400$15,000$105,00007/16/20153-5 months
Date of SaleSales PriceCoCAnnualized
% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
Source of


Refinancing complete


Refinances in progress, mid-April.


Refinancing the 113 Armstrong. Expected. This is also long overdue and we hope to have these all completed by Feb/Mar time frame.


Refinancing the following homes: 322 Cougar, 316-318 Starling St, 304-306 Starling St, and 113 Armstrong. Expected. This is also long overdue and we hope to have these all completed by Feb/Mar timeframe.


Hopefully, I talked to our Loan Broker yesterday and today after this call to solidify the refinance to all the South Bend and Jacksonville properties that are not yet refinanced.


Completed and Rented


All homes are rented now, but one which is incomplete and under renovation, I think we still have 8 to 10 duplexes units stil lto rent. We might have to lower our price a little bit because it being so competitive, but for the time being were gonna leave where it is, till we get everything done. We are still averaging 1-2 units a month, increasing the rent roll.


The final appraisal for the B2R refinance is finally complete and we are moving quickly toward a close date. I am pushing for as soon as possible, of course, but the pace is dictated by B2R. Having gone through this process twice with B2R now, I am even more inclined to finalize our next round for the South Bend and remaining Jacksonville properties with either Colony American Finance (10-year balloon) or Lima One Capital (30-year fixed.)


Our final three appraisals are scheduled for this week for the B2R loan and we should close prior to the end of the month. We have already begun the process for the remaining homes in Jacksonville, (as well as the South Bend properties.) Lou Ellis estimates that he will have all of our current projects finished by March 1st, including the remaining duplexes.


Done and rented for $875 effective 1/1/16


Still on the market to sell.


Still on the market to sell.


As you might know, we have purchased 16 single family homes and 24 duplex units in the past 12 months and currently have more than half of these rehabbed and rented. We have 8 of these units already refinanced and another 17 currently in the process with B2R. The remaining houses/duplexes should be complete and refinanced in the first quarter of next year. That is a total of 40 units in approximately 15 months … a stellar performance by our Ground Partners Lou and Barbara! Suffice it to say that everything is going extremely well in Jacksonville.


113 Armstrong is on the market at $99,800 and we will go look at it tomorrow to evaluate whether or not we should lower the price.


Listed for sale in MLS at $99,900, bonus for buyer’s agent increased to $5,000.300


Date of Purchase