Dee Willard-Ruffin Rehab Deal

 

Dee Willard-Ruffin Rehab Deal

Envisage Management Solutions, Inc in Fort Washington, MD

We acquired this 4100 square foot Single Family property off the MLS. It was a bank-owned property that had been sitting on the market for quite some time. We submitted a low offer and the bank accepted it. This house had been neglected from previous owners and needed a large amount of updating and rehabbing. We purchased it in the sought after community of 16th Street Heights in Washington, DC. We redesigned it to reflect an Open Floor Plan and added state of the art finishes to bring her back to life. This project took 7 months to complete and Sell and was on the market for 15 days.

Rehab Details

Property City: Washington
Property State: DC
Purchase Price: $675,000
Repair Costs $235,136
Holding Costs: $86,874
Sale Price: $1,265,000

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Case Study

How did you find and structure the financing of this deal?

This property had been on the MLS for quite some time and was owned by the Bank. We submitted a low offer through our agent and the bank accepted. We acquired funding from a Private Lender who funded the acquisition and raised private money from friends and acquaintances for the rehab cost.


Provide a summary of the repairs and improvements you made to the property.

This property was a partial gut where we took out portions of the house. For example, we removed the fireplace from the middle of the floor and removed the half bath from in the kitchen. We gutted the kitchen, bathrooms, and redesigned the layout to reflect an open floor plan. We added state of the art finishes such as exotic granite, new hardwood floors, kitchenaid appliances, double island, skylights, finished basement with wetbar and bedroom, wetbar in the Master bedroom suite, stand alone tub, beautiful landscaping and a pull down garage door. We also added an alarm system and an intercom system to play music throughout the house via wifi


How did you find a buyer for the property if you sold it?

Our agent marketed the property on the MLS and held one open house. This house was under contract in 15 days. This property was featured in the Compass Nationwide newsletter


What are some of the major lessons learned that you would like to share with other students that they can learn from?

Purchasing a house at the end of August going into the fall and winter, it is important to schedule and make sure to do the outside work before the weather changes.


Shout Outs & Testimonials

Thank you Ralph Plumb for coming out with the FB team to view this project in its beginning stages while you were in my town. It was a joy to have you take time out of your busy schedule to check us out and provide positive feedback/ideas on how we were doing.




Before & After Photos