3235 Emerson Avenue South, St. Petersburg, FL 33712

Overview

HouseAble is seeking financing for Emerson, a property in St. Petersburg, Florida, that we plan to renovate, refinance, and operate as a furnished co-Living rental. The acquisition is structured with seller financing requiring $55,000 down, 8% interest only payments, and a five-year balloon. Our budget includes approximately $125,000 in renovations and $25,000 in furnishings. Our planned exit for the short-term lender is a refinance within nine months using the BRRRR strategy. We intend to complete the improvements needed to support the refinance, repay the short-term financing from refinance proceeds, and then finish the co-living setup and lease-up. The completed property will offer furnished private bedrooms with utilities and high-speed internet included. Renting by the room increases income potential and reduces dependence on a single tenant. Our team has completed seven similar projects in the past 24 months. Emerson will be our eighth, with a ninth project also underway. We bring that experience to a defined renovation plan, targeted refinance timeline, and long-term rental strategy focused on cash flow.

Property details

Purchase price

$370,000

Rehab costs

$135,000

After repair value

$750,000

Borrower cash in deal

$105,000

Square footage

1,872 sq ft

Year built

1960

Lot size

0.2