2806 Magnolia

Before Rehab

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Details:
AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
2806 Magnolia Ave, Saint Louis, MO 63118SFR Townhome Flip, Class B$55,000$120,000$250,00010/16/20158 months
 
Date of SaleSales PriceCoCAnnualized ROI% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
12/11/15$76,00024%115%N/AN/A25% of projected hold time
 
Timeline:

12/14/2015

This property was sold “as is” to Ameren. EAC did not have to perform the rehab as planned.

12/01/2015

– Signed revised contract with Ameren Electric Company. Awaiting final signed after legal finalizes.
– Plan to close ~Dec 7th

11/17/2015

– Submitted revised offer to Ameren Electric Company. Awaiting response from legal department.
– If not approved, will continue with rehab plans

11/03/2015

– Lou Ellis met with team and architect last week to discuss best cost-effective design approach.
– Waiting for architect design. Anticipating we can reduce rehab costs by ~$20k

10/20/2015

– Seeking $193k ($80k funded to date) at 18% annualized return
– ARV $280k for 3 story brick townhome in desirable area with 3 car garage.
– Projected timeline until sale: 8 months
– Meeting with architect Oct 20th See Proposal: https://www.dropbox.com/s/uk424bh07jgadzx/EAC_Investor_Proposal_2806Magnolia_StLouis.pdf?dl=0

10/16/2015

Date of Purchase