Princeton Fix and Flip
This is a prefunded purchase & rehab opportunity for a Single Family Residential property in New Jersey. The subject property address is 747 Kingston Road, Princeton, New Jersey.
The developer is requesting a loan of $944,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $489,900 in August of 2015. There is major renovation needed for the property, totaling $705,000. The borrower will receive 8 draw(s) totaling $944,000 over the course of the loan. The initial draw in the amount of $339,000 occurs when the loan closes. The second draw of $100,000 will be disbursed when demolition, excavation and foundation are complete. The third draw of $100,000 will be disbursed when framing is complete. The fourth draw of $100,000 will be disbursed when windows, doors, roofing, siding, stairs, plumbing and electric are complete. The fifth draw of $100,000 will be disbursed when drywall, flooring and cabinets are complete. The sixth draw of $100,000 will be disbursed when porch, hardware and painting are complete. The seventh draw of $95,000 will be disbursed when driveway and landscaping are complete. The eighth draw of $10,000 will be disbursed when there is evidence of project completion. The borrower will be contributing $100,000 toward the renovation, and this will be at the half way point of the project. The borrower plans to sell in one year or under.
747 Kingston Road
- Purchase Price: $489,900
- Renovation: $705,000
- After-Rehab Value: $1,450,000
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $1,450,000 for 747 Kingston Road. The ARV ratio is 65.1% 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 Princeton is stable and supply and demand are in balance.
747 Kingston Road was built in 1958, located in the suburban neighborhood of Princeton, New Jersey. The property has 8 rooms including 4 bedrooms and 2 bathrooms, with a gross living area of 1,774 sq. ft. on a 20,000 sq. ft. lot. The property will be increased to 4,000 sq. ft. after renovations. The property is near The property is near schools, parks, shopping, recreation and employment centers. In addition, the property is several blocks from Princeton University.
747 Kingston Road
Property renovations are awaiting loan to start renovation and there is major renovation needed for the property. The developer will be more than doubling the size of the property to 4,000 SF. The following renovations represent some of the major items to be completed:
- New kitchen
- Adding a bedroom
- Adding 2.5 baths
- New roof
- New driveway
- New 2nd floor
- New foundation