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4748 College Ave

Before Rehab

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After Rehab

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Details:
 
Address: 4748 College Ave, San Diego, 92115
Property Type: Single Family Home
Purchase price: $380,000
Rehab cost: $70,000
ARV: $565,000
Date of Purchase: 06/24/2015
Projected timeline of completion:  4-6 months
Ground Partner: Gioavanni Gracias
Company: Pacific Property Solutions, LLC
Contact details: ggracias@pacpropsolutions.com; (619) 251-2808
 

Documents:

AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
4748 College Ave, San Diego, 92115Single Family Home$380,000$70,000$565,00006/24/20154-6 months
Date of SaleSales PriceCoCAnnualized
ROI
% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
Source of
Funds
Timeline:
 

11/06/2016

Sold.

09/20/2016

Cash buyer $465k backed out. Buyers thought they would be able to do modifications that were not allowed by the city vs. building granny flat as proposed and approved by the city.
Backup offer for $490k with 30-day close, but property 2 weeks from auction (Oct 7)
Due to tight timeline, EAC working on best path forward.

08/30/2016

– Property approx. 5 weeks from Foreclosure Auction, which would erase the junior liens.
– EAC working on two options:
(1) selling at reduced price then rolling losses to a future project with PPS until repayment
(2) buying at auction, then selling ourselves

07/05/2016

College not relisted yet. Offer of $500k

06/21/2016

– Price drop on June 15 after most recent Open House: 524,900 – $539,900 (pro-forma $552k)
– 1st lienholder filed Notice of Default due to missed interest payments

06/07/2016

– Currently negotiating with new buyer
– 12 mo deadline: June 24

05/17/2016

The property unfortunately fell out of escrow last week. The buyer demanded repairs that totaled between $5,000-$6,000. The repairs that they demanded were for repairs that were deemed cosmetic. The repairs they requested had been signed off by the city if San Diego inspector, my licensed contractor and a licensed architect. I provided plans, copies of permits and sign off from the city. We did explore the possibility of just issuing them a credit but they were very clear that they did not want to go that direction. The property is back on the market as of last week and held open houses this past weekend. From that open house, we have a party that is interested and coming back tonight to look at it again.

05/03/2016

We are in the 2nd week of escrow. The buyer conducted a home inspection and we are in the process of making some repairs at the property this week. In escrow at $552K.

04/19/2016

We received an offer at $542K last week and I countered back at $560K. They came back with a final offer of $552K and have decided to accept it. We are waiting for them to sign the counter officially so we can open escrow. Buyer was cross qualified by our preferred lender. I will forward escrow info
once we are officially under contract.

04/05/2016

4748 College – listed on MLS for $539-569k. Great finish. Still need to get final approval. See link below.
http://bit.ly/202tjzR

03/22/2016

– I am pushing my contractor to wrap up this project by this weekend.
– The final city inspection will be scheduled upon completion of the remaining items on our scope of work but obtaining the final from the city will not prevent us from going live on MLS within a week.
– The for sale sign has been placed outside of the property and marketing has begun.
– Open house is scheduled for next weekend Saturday 4/3 and Sunday 4/4.

03/08/2016

– Project is down to the last details and expected to be completed by the weekend.
– Staging is scheduled and ready to begin as soon final clean up has been completed
– Professional photography will be taken after staging is completed
– Estimated listing price will be $589K.

02/23/2016

– Final inspection from the city has been scheduled for Friday. Once we pass we will complete the smaller details, like staging & clean up. This is different from the plan permit that delayed us last time.
– Property is scheduled to hit the market by next weekend.
– Projected list price: $575K ($25K above our original projections)

02/09/2016

– As of today we are 90% completed and items pending include landscaping, laminate install in living room and carpet install in one room.
– Once this is completed we will have the property staged.
– Projected list price: $575K ($25K above our original projections)

01/26/2016

– We finally got past the city requirements for density by resubmitting an entire new set of plans for review.
– The delay was as a combination of changes to the plans and a new city requirement that mandates that when a property is located in a high density area and there is a room addition to be made, it has to go through a separate review process to make sure guidelines are met.
– We have gotten to green light to proceed and finish the project with no further delays.
– As of today we are 85% completed.
– We plan to be on the market in the next 2 weeks

01/12/2016

The final changes requested by the inspector were submitted for approval to do the city. We were not able to get it approved over the counter but should get it finalized this week. This is the last hold up before we move to finishing and putting it on the market.

12/29/2015

– As of 12/24 we had yet another request from the city inspector when they came to inspect the property to finalize the permits. The latest is that they want the foundation repairs to be reflected on the plans. In order to do that my architect has to draw them into the plans and resubmit for an over the counter approval. The city office is closed until monday so we cannot proceed until then.
– As far as the project is concerned it is stuck at 85% completion

12/15/2015

– A new issue with the City of SD came up last week.
– They requested from us for a foundation repair inspection from a certified foundation specialist to make sure the repairs and calculation shown on our plans match up and are accurate.
– That report was submitted and we have a scheduled final inspection again this friday which should be the last inspection
– Once we have the final we have about a week worth of work to complete until we hit the market
– Not ideal to hit the market around the holidays but since the SDSU runs a semester schedule my Realtor recommends we hit the market regardless.

12/01/2015

– We are in the final steps of completion which include completion of punch list and staging
– Goal is to be done by this weekend and on MLS by monday.
– Projected listing price: $565K-$585K.

11/17/2015

– We are making the final push to wrap this project up this week.
– Final steps include completion of punch list and staging
– Projected listing price: $565K-$585K.

11/03/2015

– We are in the final steps of completing this project now that we have the final ok from the citya and have update plans with the city.
– We anticipate being on the market in less than 2 weeks.
– Projected listing price: $565K-$585K.

10/20/2015

Currently in progress of completion. The city has passed our final inspection.

10/06/2015

– Since the last update all water damage from the heavy rains have been completed. – We have been giving the green light to proceed by the city inspector for the changes we submitted and are now making the final push to finish this project. We have passed our final inspection.
– UP NEXT: Final steps and clean up, final staging
– Projected listing price: $565K-$585K.

09/22/2015

– We have completed week 9 of the project. We had a water leak last week with the unusual heavy rains we experienced. The leak was due to a window left partially opened. The water damaged a 2×2 section of the subfloor and it is currently being repaired.
– We changes submitted to the City Development office cincluded electrical & foundation plan changes.
– As of Monday 9/21 we have now gotten our final to proceed with wrapping up this project.
– EXTERIOR: Stain fence along the north side of the driveway, complete drought tolerant landscaping.
– UP NEXT: Final steps and clean up, final staging
– PROJECT COMPLETION: We project to be done by next Friday 10/1 and on the MLS the week after. Projected listing price: $565K-$585K.

06/24/2015

Date of Purchase