Willimington, DE
Background Info:
Current Property Status:
Property Future Outlook:
| Property Address: | Wilmington inner city |
| Property Purchase Date: | July 2021 |
| Property Purchase Price: | $4.5M |
| Diamond Properties LLC Ownership (%) | 100% |
| Property Operation Status: | Under Rehab/Refinance Status |
| Property Debt Structure: | Under refinance – term sheet approved by lender |
| Rehab (if applicable) status: | 75 to 95% complete |
| Total Rehab cost (Capex): | $275K |
| Current monthly expense (if any): | $30K |
| Property ARV after Rehab: | $5.2 M |
| Property future outlook: | Fix and Hold |
| Outlook details | Turn this into a traveling nurse apartment for rental with fully furnished rooms (26 units) with kitchen and bathroom for traveling nurses to stay and use. Amenities include: common kitchen, dining area, lounge and recreational area. Expected in 2024 – $360k/year |
| Expected Implementation Outlook date: | 90% stabilized by September 2023 |
| Expected Rental return Annually | $600K (proforma 2024) annual from Rental |
| Other details: | All properties are 1-4 family in the Greater Wilmington MSA |