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Downtown Chico - 242 Broadway Suite 12, Chico CA 95928

3RD AVE BANKED OWNED

OVERVIEW

After a few months of waiting, we were able to close on this triplex, all 1 bedroom, 1 bath units in central chico.

At the time of close, approx 5 pit bulls and other squatters were living in the property. Broken windows and repairs prevented conventional financing, so as the buyer we repaired windows and flooring prior to close.

Once closed, we emptied the property and demo'ed and got to work.

Ryan did a lot of work himself, having flooring, painting and foundation work done by vendors.

  • New Interior/Exterior Paint
  • New Bathrooms
  • New Kitchen in Unit A
  • New Floor/Base
  • All New Electrical Finishes/Fans/Lights
  • All New Trim Carpentry
  • New Windows
  • New Siding
  • New Foundation for Unit C
  • New Landscaping and Clean Up

Cost: $185K

Acquisition: April 2014

Budget: $35K

Units:  1/1s (3)

BUDGET

35K

  • Unit Rehab & Remodel

185K

  • Cost of Purchase/Closing
  • 3K Repairs were required for closing

ROI & OUTCOME

Before
Unit A  Income $5000/year
Unit B  Income $0/year
Unit C  Income $0/year

After
Unit A  Income $8640/year
Unit B  Income $8640/year
Unit C  Income $8940/year

Gross Increase $21,220/year
Cost of Improvements $35,000
60.28% Return

Improved Value 295K (est)

PHOTOS

All three units needed cosmetic and other repairs.