517 SHERWOOD DR
Updated Progress
07/09/25
The property remains actively listed on the market. The borrower shared that they will reduce the price by $5,000 today, with an additional $5,000 reduction planned for the following week, specifically on June 16. While there has been a lot of foot traffic and walk-ins, no offers have been received yet.
Check Listing here: https://www.realtor.com/realestateandhomes-detail/517-Sherwood-Dr_Maryville_TN_37801_M74231-96420
06/30/25
Zoom Meeting with James
Rehab Progress Update – 517 Sherwood Dr.
The property at 517 Sherwood Drive in Maryville, Tennessee has been completed and listed on the market for about a week. There have been some showings, and the team is waiting for the right buyer. The original plan was to have the house sold by the end of June, but it will likely be about a month or a month and a half late.
The total amount invested in the property is around $300,000, including the $205,500 purchase price and an additional $94,000 for renovations. After accounting for closing costs and other fees, the team is expecting to make around $75,000 in profit on the sale.
The house was originally going to be listed at $435,000 as the After Repair Value (ARV), but recent comparable sales in the area have been coming in higher, up to $520,000 and even $560,000. The team decided to list the house at $459,900 initially, and may drop the price to $449,900 in about a week if needed to generate more interest.
The team provided details on the loan structure, including a $248,264 gross loan amount, 12-month term, 11.25% interest rate, and a second position loan of $77,950 plus $15,590 in interest. The total payback amount is estimated to be around $341,804.
Gasseau expressed interest in working with Carlos on future deals, noting his construction experience and potential to be a successful real estate investor. They discussed Carlos’ background in the industry and agreed to stay in touch for potential future collaborations.
06/17/25
I just got off the phone with the borrower, and he confirmed that rehab at the property is now fully complete. Everything’s been wrapped up, and final photos are scheduled to be taken tomorrow. From there, the plan is to get it listed, either Thursday or Friday this week.
06/04/25
The project is on track to complete rehab work by this Friday. Final cleanup is scheduled for Saturday, so the property should be fully prepped for photos at that point. The borrower will be sending fresh set of photos this Saturday to show the completed work. Professional photos are scheduled for Monday, June 9th. As planned, the property is expected to go on the market next week, with the official listing set for Tuesday, June 11th.
05/27/25
The renovation is nearing completion with approximately 90% of the interior work finished and most major tasks already completed. Kitchen countertops are scheduled for installation next week, along with final touches like chandelier installation and a small section of flooring. Landscaping is about 80% complete and is already enhancing the overall curb appeal. The project remains within budget, and contractors have been reliable and timely throughout. A realtor walkthrough is scheduled this week in preparation for listing the property post-rehab. As a contingency, offers starting at $435,000 may be considered based on market response. Overall, progress is steady, and the outlook remains positive as the project enters its final phase.
05/07/25
The project remains on track for closing, with significant progress made on interior and exterior work. Cabinets are fully installed, and countertop installation is being coordinated for next week. The bathroom has been completed, and window replacements are underway, including the conversion of a three-panel sliding door into two new windows. Landscaping has been cleaned up, with a few additional minor areas scheduled for touch-up. Exterior work is expected to begin by the middle of next week. Door frames, bay supports, and door trim have also been completed. The property is set to be listed for pre-sale in two weeks, with closing scheduled for the 25th. Progress photos are expected this coming Sunday.
04/21/25
The project remains on track with the original timeline, and steady progress continues. Partial cabinet installations are complete, with bathrooms approximately 90% finished — only minor details like mirrors, and toilet accessories setups remain. All flooring has been installed, and several cabinets are already in place, giving the space a fresh, updated look. Contractors have been consistent and reliable, completing tasks on schedule without any issues. Currently, about $35,000 is available to finish the remaining work, with an additional $5,000 needed for extra materials. Ralf is waiting for the borrower to return his call about the additional funds he needs. All required inspections, including building, electrical, and plumbing, have successfully passed, moving the project one step closer to completion. The finish line is in sight, and the results so far are impressive!
03/21/25
Exciting progress is unfolding as the rehab moves forward! Flooring installation is about to be completed, with a few adjustments needed to perfect the finish. The chandelier, outlet switches, and interior details are coming together beautifully, adding the final touches to the space. No pending permits or inspections—everything is cleared and on track. The next big step? Getting it listed on the market, where it’s sure to attract attention. Expect updated photos of the flooring this weekend, offering a closer look at the transformation.
02/25/25
The upstairs flooring is 75% complete and scheduled for completion this week, along with door installations. A key milestone has been achieved with the top already installed, and the second floor is expected to be finished by the end of the week. No issues or delays have been encountered so far. The next major steps include completing the second-floor flooring, installing kitchen cabinets, and finishing the bathroom by installing the vanity and tub. The project remains within budget, and photos will be sent to Ralf for sharing with the PML.
02/18/25
The property rehab encountered a 3-4 week delay due to contractor issues, resulting in a contract cancellation and the search for a suitable replacement. A new contractor is now in place, and progress is back on track. The second floor is nearing completion, while preparations for cabinet and flooring installation on the first floor are underway. The next steps include finishing the upstairs flooring, painting downstairs, and installing the remaining kitchen cabinets and flooring. The project remains within budget, and photos will be shared with the PML at the end of the week.
01/20/25
The rehab progress is on track, with the roof successfully replaced with a black metal roof, and the exterior cleared and prepared. Inside, the wood floors have been replaced, drywall installed, and the entire upstairs has been painted. One bathroom is now equipped with a tub and shower, and lights have been installed in two bedrooms. Final paintwork is in progress downstairs, and cabinet installation (Shaker style) is set to begin. Key milestones such as roof completion, mechanical unit replacement, and upstairs painting have been achieved. There are no issues or delays to report, and the project is currently under budget. The next significant actions include installing cabinets and flooring. Photos of the property are available to share with the PML, and the property is planned for flipping, not keeping.
12/20/24
Significant progress has been made on the property rehab. All demolition work is complete, with the interior fully cleared, drywall repaired, and popcorn ceilings removed. Flooring has been delivered and will be installed over the coming weeks, while the HVAC system installation is underway today. Finishes are scheduled to begin next week after the holidays, addressing the remaining interior elements. Exterior improvements include extensive landscaping, such as tree removal, regrading, and removing retaining walls. Additionally, the metal roof has been replaced. The next phase focuses on preparing restroom walls for paint, with primer and the first coat already planned. Paint for ceilings and walls has been ordered, and cabinets for the kitchen are ready for installation. Lighting updates will include recessed and new fixtures, while showers, toilets, and other bathroom features will also be addressed. Exterior hardscaping and landscaping will be completed as part of the finishing touches. The project remains on budget, with no delays or issues reported. Photos of the progress will be shared with the PML.
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