INV Ref – PRX3021 – Suncrest Capital Group

1547 HILLSCREST RD

Updated Progress

4/10/25

The rehab for the property is fully complete at 100%. The appraisal came in at $340K, though it only reflected 6 of the 8 bedrooms due to city records listing just 6. Coordination is underway with the Mayor’s Office and Department of Zoning to update the official records, which will allow the full bedroom count to be considered and enhance the final appraisal value. The Department of Zoning point of contact has been unavailable for an extended time, so additional support has been requested from the Mayor’s Office to move the process forward. With all rehab work finalized, the only item pending is the updated property report, which will allow the appraiser to expedite the revised valuation and bring the deal to a close.

3/12/25

The rehab is progressing smoothly and is on track for completion this week. A new lender has been secured, and while there was some confusion with the title company about payment, the lender will be reaching out to clarify. Photos will be sent once the rehab work is underway and can be shared with the PML.

02/18/25

The property rehab is progressing smoothly, with all key milestones completed and preparations underway for the upcoming refinancing. No issues or delays have impacted the timeline, and everything remains on track. The project continues to stay within budget, ensuring financial goals are met. Photos are not yet available to share the PML to highlight the progress made.

01/14/25

The rehab progress at Hillcrest is moving along smoothly, with the work nearly complete. The remaining tasks include assembling the carport and installing appliances. Appliance selection is underway this week, and the carport installation is pending an improvement in weather conditions. All other work on the property has been completed, keeping the project on track to schedule CMHA inspections by the end of the month. This timeline supports the goal of securing tenants by February. A draw inspection is taking place today, and any photos received will be shared to showcase the updates.

12/15/24

The carport frame has arrived, and assembly is scheduled for next week, pending weather conditions. Contractors have continued work and are on track to complete the project by next week. Awaiting photos from the contractors, which will be forwarded once received. The general contractor is expected to finish soon, after which floor refinishing and appliance installation will be completed. At that point, the property will be ready for rent.

11/30/24

The property rehab is progressing well, with the DIY scope of work now completed and the house nearing turnkey condition. Remaining tasks include a few larger projects: flooring installation, balcony repair, roof repair, and carport installation. A photo of one of the completed rooms is attached for reference. The project is on track to be finalized between mid to late December, with plans to have tenants ready for move-in by January.

11/23/24

The property rehabilitation is progressing well, with several key updates completed. Painting has been finished, and the fence has been repaired. Smoke detectors have been installed for safety compliance, and drywall patching is 75% complete. Updates to the main two units’ kitchens are nearly finalized, with new flooring pending installation before appliances can be added. The third-floor bathroom installation is almost complete, and blinds are being installed today and tomorrow. The project continues to advance steadily toward completion.

11/19/24

There are a couple of photos showing this week’s progress. The painting is about 80%-85% done, and the kitchen updates are underway. We’ve also received quotes for floor refinishing. Most of the work should be completed before Thanksgiving, with a few remaining tasks, including floor refinishing and carport assembly, scheduled for December.

11/11/24

Painting is ongoing, with 60%-70% completed. The basement has been fully cleared, holes and cracks patched, windows caulked, and water/mold-resistant sealant and paint applied. Carport materials have been ordered and are in transit. Windows have been measured for blinds, and kitchen and bathroom backsplashes have been ordered and are also on the way. Additionally, the exterior brick in the backyard has been repainted.

11/04/24

The property has been fully cleared of furniture and debris, with professional cleaning completed in the kitchens and bathrooms. The driveway and parking lot have been power washed, and the fence has been cleaned, awaiting sanding and staining. Demo work is finished, and the basement has been cleaned and is nearly ready for paint and appliances. Painting has begun on the second floor, and security motion lights along with a Ring doorbell have been installed.

11/01/24

The property has been fully cleared of furniture and debris, and professional cleaning has been completed in the kitchens and bathrooms. The driveway and parking lot have been power washed, and the fence has been cleaned, though it still needs sanding and staining. Demo work is complete, and the basement has been cleaned and is nearly ready for painting and appliances. Painting has already started on the second floor, and security motion lights along with a Ring doorbell have been installed.