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12 Mondamin Ct.

12 Mondamin Ct Case Study

Rebuilding Neighborhoods One Loan at a Time

Multi-level homes have been a favorite amongst the residents of Somerville, MA for years. Finding undervalued and desirable properties to rehab is big business for local borrowers. The single-family, multi-level home presented here was recently available via private sale for the borrower and due to its condition, the property did not qualify for traditional bank financing. Somerville has a very active real estate market and has become increasingly gentrified over the past several years. After carefully performing its due diligence, Conquest Capital Partners provided the borrowers the necessary financing to acquire and rehab this home to its former glory.

Project Summary

  • Date of Acquisition: 6/6/2012
  • Purchase Price: $212,500
  • Renovation budget: $200,000
  • Initial Estimated Resale Value: $600,000
  • Date Properties Listed for Resale: 11/15/2012
  • Unit 1 List Price: $319,000
  • Sold: 1/14/2013
  • Sale Price: $300,000
  • Unit 2 List Price: $399,000
  • Sold: 2/1/2013
  • Sale Price: $360,000
BEFORE Pictures
AFTER Pictures

The developer acquired this property at roughly 59% of the resale price, ensuring a significant amount of potential equity and cushioning in the project. The rehab plan called for a total estimated renovation budget of $75K. The funding for the rehab was given to the developer in 6 separate construction draws after the developer completed specific milestones confirmed via site inspections by Conquest. With Conquest serving as an advisor, the developer executed a well thought-out redevelopment plan.The scope of work entailed a moderate rehab with the following key elements: an open floor plan, updated plumbing and electrical systems, contemporary kitchens and bathrooms, neutral colors, and plenty of lighting. By following Conquest’s systematic approach to rehabbing homes, the developer was able to complete the construction on time and within the range of budget of the original scope of work. It is very common to experience construction overages when rehabbing homes, as there will always be potential unknowns being uncovered after gutting a property. Conquest requires all borrowers to have sufficient reserves to handle these overages.

BEFORE Pictures
AFTER Pictures

Over the course of 16 weeks, the developer turned this once ran down single-family house into a beautiful new home for the neighborhood. The property went into contract shortly after being listed on the market. At a sales price of $549,900 and it sold for almost twice the price of what it was acquired for.In a time when communities are being ravaged by foreclosures and the harsh recession, Conquest Capital Partners is helping rebuild these communities one home at a time. To succeed in today’s highly competitive real estate investing business, properly identifying and evaluating market opportunities is key. Conquest Capital Partners has the experience and skills to consistently do this for its Clients and its Investors.
Property Features:

  • 2 Bedrooms/ 2 Bath
  • 1,440 Square Feet
  • Complete Master Suite
  • Stainless Steel Appliances
  • Granite Countertops
  • New Hardwood Flooring