Naples Fix and Flip
This is a prefunded purchase & rehab opportunity for a Single Family Residential property in Florida. The subject property address is 3051 Gordon St, Naples, Florida.
The developer is requesting a loan of $131,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $126,900 in October of 2015. There is minor renovation needed for the underlying property, totaling $30,000. The borrower will receive 2 draw(s) totaling $131,000 over the course of the loan. The initial draw in the amount of $101,000 occurs at closing of the loan. The second draw of $30,000 will be disbursed when renovations are complete. The borrower plans to sell within 12 months.
3051 Gordon St
- Purchase Price: $126,900
- Renovation: $30,000
- After-Rehab Value: $220,000
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $220,000 for 3051 Gordon St. The ARV ratio is 59.55% 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 Naples is stable and supply and demand are in balance.
3051 Gordon St was built in 1978, located in the suburban neighborhood of Naples, Florida. The property has 9 rooms including 4 bedrooms and 3 bathrooms, with a gross living area of 1,809 sq. ft. on a 10,125 sq. ft. lot. The property will remain 1,809 sq. ft. after renovations. The property is near public amenities, shopping, and recreation.
3051 Gordon St
Property renovations are awaiting loan to start renovation and there is minor renovation needed for the property. The following renovations are planned to be completed:
- Repair Roof
- Repair Gutters
- Interior Paint
- New Kitchen