19 Flipper St

Cosmetic Rehab - Single Family Residential

Property Details


2051 Veronica St, Pittsburgh, PA 15212





Sq Ft


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Deal Level Financials

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Total Est. Timeframe

6 mos.

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Est. Rehab Costs


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Est. Loan Term

12 mos.

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Executive Summary

With the pending acquisition of 2051 Veronica St, Pittsburgh, PA we are glad to present this asset to our partners as an investment with an attractive rate of return. 

Located in the Troy Hill neighborhood of Pittsburgh, this property is in a residential suburb in the outskirts of downtown Pittsburgh less than 3 miles to the North Shore amenities like Acrisure Stadium, PNC Park, and multiple shopping and commercial districts. It’s also conveniently located just across the river from Pittsburgh’s Strip District and universities including the University of Pittsburgh, Carnegie Mellon, Point Park University, and several other colleges. The median price in the area for similar homes is approximately $240,000 and properties are being sold as standard sales within 51 days on the market, with hot properties selling in just 34 days on average and at 3% above list price. 

We are in-contract to purchase this property at a cost of $85,000 with an after-repair value (ARV) of $229,000. 

It needs approximately $60,000 worth of rehab, which will include finishing the kitchen remodel, finishing plumbing for the downstairs bathroom, drywall and painting in several rooms, finishes throughout, some exterior landscaping, and new kitchen appliances. We estimate a 3-month timeline for completion of rehab and 3 month disposition of the property for a total project timeline of 5 months.

This property has a close date on or before Friday, November 20, 2023.

We’re seeking an investment of $30,000 with two options for return including a debt option at 25% interest, or an equity option at 25% equity. Investment option details and returns are included in this document. 

Thank you for your consideration.

Neighborhood Profile

2051 Veronica sits at the end of a quiet side street. Other properties in the area are similar in size, with estimated values ranging from $180,000 to $290,000.  The median price of homes sold in the area in the past year is $240,000.

Comparable Market Analysis

Sales prices in this zip code have increased 1.0% since last year. Average days on market is 51, with hot properties selling in just 34 days with 3% of homes selling above list price. There have been more than 12 homes sold within 0.25 mile in the past 6 months and more than 80 homes within 3/4 mile in the past 12 months.  Sold comps shown below are all within 0.15 mile and averaged $198/sf suggesting an after-repair value (ARV) of our 1,248 sq ft. subject property at $243,000. Our analysis uses a sale price / ARV at a slightly more conservative number for a quick sale at $229,000.

Comparables Map

Comparables Table

AddressComp TypePriceSold DateBedsBathsSq Ft
2051 Veronica StSubject Property$85,000321,248
2041 Straubs LaneSold$220,0003/24/23311,032
1960 Straubs LaneSold$250,0003/28/23321,360
2041 Eggers StSold$289,0006/28/2322.51,304
2059 Pittview AveSold$225,0008/4/23311,142
2146 Lautner StSold$245,0008/29/23311,008
2111 Lautner StSold$230,0008/28/23311,714

Rehab Details

This table shows a brief summary of the rehab work that will be done, including the following improvements:

ItemRehab Cost $
Demo and Cleanup$2,000.00
Interior Drywall, Painting, Trim Repair$10,000.00
Plumbing / Downstairs Bathroom$10,000.00
Mechanicals and Electric$3,000.00
Carpet and Hardwood$5,000.00
Line Item Rehab Cost$54,000.00
Contingency @ 10%$5,400.00
Total Rehab Cost$‎59,400

Exit Strategy

We will fix and flip with two possible exits upon completion of rehab. In either scenario, the investor earns the promised return on investment.

  1. Traditional Sale: Once rehab is complete (estimated 8-12 weeks), we will have an agent list it on the MLS at 5% commission. We will also market it with flyers in the neighborhood, in local newspaper ads, and with open houses. Our strategy will be to list it at $229,000 in order to attract buyers that might qualify or that are looking for properties with a threshold of $225K – $250k. This will open the door for fast action, high competition in offers, and a higher driven purchase price for the winning bid. 
  2. Refinance: After rehab, the resulting loan amount at project completion will be at 80% of value or less. With owner credit at 700+ obtaining a conventional takeout loan on this property should be standard. We estimate a debt service coverage ratio (DSCR) of 1.25, with a loan amount of $175,000, which gives us approximately $13,749.00 cash back to cover promised investor returns.
Refinance Loan
Max LTV80%
Max Loan Amount$183,200.00
New Loan Amount
76% LTV
Cash Back from Loan$13,749.75
New Loan Interest Rate8.00%
New Loan Term in Years20
New Monthly Payment$1,463.77
Rental Characteristics
Outstanding Loan Balance$161,250.25
Estimated Vacancy %10%
Monthly Operating Expenses$199.00
Monthly Rental Income$2,250.00
Vacancy Expense$225.00
Net Operating Income$1,826.00
Loan Payments$1,463.77
Monthly Cash Flow$362.23
Debt Service Coverage Ratio (DSCR)1.25

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