Diamond in the rough turns into the Gem of Carytown

An investment partnership made an all cash offer to an estate who had this Carytown home on the market for years. The house was in very bad condition. I mean baaaad

The partnership submitted repair estimates along with their offer to help the seller see the expense that would be incurred in renovating the home.

Negotiations took several weeks but the seller and the partnership were able to find some middle ground and struck a deal. Closing occurred in 3 weeks.

An army of subcontractors was unleashed but the rehab drug on for over 2 months due to the huge amount of work needed. While cleaning up the yard, an all brick garage was discovered. What a find! The partnership also benefited from a furnace that was 10 years old but only used one season.

When the partnership received the first gas bill for over $ 800 it was learned that the pilot light in the hot water heater had burned in the basement, undisturbed, for over 10 years. The city had never turned the gas off when the property was vacated a decade ago. The first meter reading recorded the 10 years of pilot light use. Fortunately, that little bit of heat, combined with being attached to a house on one side, provide just enough heat to keep the plumbing in tact. Not one pipe had burst in 10 years!

After the renovation was completed, at well over $ 20,000. The house was put on the market and sold within a few months. A healthy profit was retained for the partnership’s efforts.