New Silver Flip Highlight: Chelsea, Massachusetts
This lovely four-bedroom home has had new life breathed into it in a recent successful flip in Chelsea, Massachusetts. A single-family home featuring a new roof, new kitchen, new heating, new plumbing, and new electrical systems, this property was recently financed by New Silver. Here are the results in more detail:
Chelsea, MA has a population of close to 40,000 and is well-known as an architectural goldmine packed full of historic mid-century buildings. Properties in this area are typically valued at $415,382 – this highly desirable location has the draw of easy access to Boston by way of the Mystic River. The home in this case study is a rare 1,574 sq. ft and was built in 1900. Featuring touches like all stainless steel appliances, LifeProof flooring, a level fenced backyard, and much more, this property has come a long way since its pre-renovation days.
A subsequent inspection of the property found that significant repairs were needed to the interior, particularly the electrical systems. This was the investor’s first foray into investing with a fix and flip loan, and he had previously struggled to find a lender that could help him achieve his goal. Once the loan was approved, the property renovated from top to bottom to create an all-new modern space. Following this project, the investor plans to pursue further residential flipping projects in the future.
Address 943 Broadway, Chelsea
Strategy Fix and Flip
Loan Amount $295,000
Terms 12 months
LTV (Loan To Value) 71.87%
ARV (After Repair Value) $480,000