1516 Forrest Ave • Nashville, TN
Deal Analysis
(Purchase closed on 2/7 – currently being renovated)
Purchase Price: $695,000 (obtained a loan of $1,190,000 toward purchase and rehab to close)
Rehab Cost: $750,000
Closing And Holding Costs: $430,000
ARV:
$1,950,000
Projected ROI: $254,500 / 31.04%
Existing Property Details
Year Built: 1930
Total Sq Ft: 1471
Bed/Bath: 3/1
Lot Size: .24 acres (1 1/2 lots)
Existing Property Highlights
Location, Location, Location!
1.5 lots which will allow for a double car garage and DADU addition (which is like gold in this area). Architectural plans are already available for a renovation in the Historic Overlay area.
Area Highlights
This charming home is located in the most popular and saughtout areas in Nashville. East Nashville, a vibrant, eclectic area with historic Victorian and early-20th century architecture, is known for its dining experiences, art, music, and nightlife scene! Five Points is a hub of activity in the heart of East Nashville’s cool hip appeal. It is also only minutes from downtown Nashville and Nissan stadium to enjoy Titans games.
Renovation Details
This renovation will be a “to the studs” job. Every component of this home will be brand new with the exception of the existing exterior wood framing and some of the plumbing and electrical rough in. We will be building out and up giving us a total of roughly 3,000 sq ft with the addition of a detached 2 car garage and 800 sq ft DADU. Higher end finishes will be used throughout.
Private Money Lending Opportunity
Receive double digit fixed rate returns on this offer!
Capital needed: $430,000 (This will cover the spread between the existing loan and all other costs to complete the project)
Time Frame: Contract will be for 12 months or whenever the home sells and closes (whichever happens first)
Projection: 8 months
Security: You will be placed in 2nd position on Title to this property as a lien holder, which will be recorded with the county. You will also be in a standard TN promissory note with Brian Benton as guarantor.
Interest Rate: To be double digits and will be monthly via auto draft
Min. Required: You may enter into this deal with a minimum of $100,000
This opportunity is for me!
Use this form to contact Brian – or call him at 615.200.8706.
