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Jun 13, 2015 8:15 AM ET

Archived: Capitol Heights Fix and Flip: 6428 L Street, Capitol Heights, Maryland

iCrowdNewswire - Jun 13, 2015

Capitol Heights Fix and Flip

his is a prefunded opportunity for a Single Family Residential property in Maryland. The subject property address is 6428 L Street, Capitol Heights, Maryland.

The developer is requesting a loan of $160,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $105,000 in June of 2015. There is major renovation needed for the underlying property, totaling $80,000. The borrower will receive 4 draw(s) totaling $153,200 over the course of the loan. The initial draw in the amount of $73,200 occurs when the loan closes. The second draw of $27,000 will be disbursed when demolition and clean up is complete. The third draw of $27,000 will be disbursed when half of the renovation is complete. The fourth draw of $26,000 will be disbursed when renovation is complete. The borrower plans to sell within 1 year.

6428 L Street

  • Purchase Price: $105,000
  • Renovation: $80,000
  • After-Rehab Value: $230,000

An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $230,000 for 6428 L Street. The ARV ratio is 69.57% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Capitol Heights is stable and supply and demand are in balance.

Property Overview

6428 L Street was built in 1960, located in the suburban neighborhood of Capitol Heights, Maryland. The property has 8 rooms including 4 bedrooms and 2 bathrooms, with a gross living area of 2,640 sq. ft. on a 9,375 sq. ft. lot. The property will remain 2,640 sq. ft. after renovations. The property is near Cedar Heights Neighborhood Park, public amenities, grocery stores, shopping, and recreation.


6428 L Street

Property renovations are awaiting loan to start renovation and there is major renovation needed for the property. The following renovations are planned to be completed:

  • New Decking
  • New Garage Door and Frame
  • New Siding
  • New Gutters
  • New Shutters
  • New Energy Efficient Windows
  • Landscaping Makeover
  • New Sliding Glass Doors
  • New Kitchen
  • New Recessed Lights
  • New Ceramic Tile Floor
  • New Carpets


Contact Information:

Metroprop, LLC

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