615 CHESTNUT ST
Updated Progress
04/23/25
Rehab progress is moving in a positive direction. Although there was a brief delay due to necessary exterior painting and some rework, the team is now back on track. Staging has been completed, and final photos will be taken and sent over shortly. The property is scheduled to be listed this week for $385,000 at a projected ARV which remains realistic given the quality of the work completed. A listing strategy, pricing, and staging have been discussed with a realtor. As a contingency, refinancing is being considered if the property is not under contract by May 21st or within 30 days of listing.
04/10/25
03/31/25
Progress is coming together beautifully, and the finish line is just ahead! With the last draw completed, a major milestone has been reached. Now, it’s down to the final touches—clearing out materials, wrapping up a few remaining details, and adding a fresh coat of exterior paint this week. The shower installation is also lined up, bringing everything even closer to the final reveal. Exciting news—if all stays on track, the property is set to hit the market early next week! Photos will be coming soon to share with the PML, showcasing all the hard work and transformation.
03/18/25
The rehab is 93% complete. Just a short 3 to 5-day wait for the bank’s revision on the draw, along with finalizing a minor ground floor funding detail. The property was set to hit the market earlier, but additional tasks from the realtor have temporarily paused staging. Once finalized, everything will be back on track for listing.
03/06/25
The property is currently in the staging process, bringing it one step closer to closing. Final touches are being made to ensure everything is presented at its best, creating a polished and inviting space. With this stage underway, the closing process is progressing smoothly, keeping everything on track for a successful completion.
02/10/25
The property is expected to be listed within the next 2-3 weeks. Significant progress has been made, with the bathroom fully completed and the kitchen approximately 95% finished. Some delays have occurred, but efforts remain focused on getting the property on the market this month. The project has exceeded the budget, and photos are available to share with the PML.
01/06/25
The property rehab is always a dynamic process, and this project required an additional investment of $20,000 due to unforeseen issues not accounted for in the original Scope of Work (SOW). These adjustments were essential to align the property with market expectations and maximize its value. The project is now nearing completion and is anticipated to be listed for sale in January. With the enhancements implemented, there is strong confidence that the property will attract significant buyer interest and secure a swift sale. Appreciation is extended for understanding as challenges are navigated to deliver the best possible outcome.
12/20/24
At the end of November, a $36,000 draw was submitted. Currently, efforts are focused on completing all installations. The flooring has been finished, and the cabinets have been installed. Work is now progressing on the bathrooms, with the project anticipated to conclude by the end of the first week of January.
11/18/24 to 11/19/24
The exterior doors are all installed, and six windows have been replaced. The second floor is fully painted and looks fresh. The half bath add-on is progressing with plumbing rough-in, framing, and drywall all complete. Both the master and primary baths are fully plumbed and drywalled. The HVAC system has venting and ductwork in place, and the drywall boxes upstairs are done; the unit is expected tomorrow. Plumbing for the upstairs laundry addition has been installed, and two upstairs walls have been closed off, drywalled, and painted.
Some lighting fixtures are already installed, with most scheduled for completion by Thursday. Nearly all plumbing under the house has been replaced, which turned out to be an unexpected but worthwhile expense. Looking ahead, they will be finishing up trim work, prepping the floors for sanding, and installing the kitchen cabinets, which have already arrived. The subs have had some setbacks due to family emergencies but are expected back tomorrow. She will have more updates and photos for you by Thursday or Friday.
11/15/24
Significant progress has been made despite setbacks with poor contractors and additional repairs. The borrower addressed unplanned expenses, including $6,000 out-of-pocket for drywall and $2,500 to reframe doors due to foundation issues. By the end of this week, the following will be completed: exterior doors, HVAC system with enclosed boxes, lighting fixtures, plumbing for the half bath and master bath, painting, exterior doors, brickwork, and window installations.
A large draw of over $40K will be requested today to cover these completed milestones and accelerate progress. Upcoming tasks include flooring, kitchen cabinets, stair rail repair, tiling, and bathroom installations, set to begin next week. Rusty and damaged cast iron pipes under the house are being addressed. Updated photos will be sent soon.
11/01/24
They’ve lost time dealing with poor contractors, firing two along the way. The drywall setback caused additional delays, and she even lost a $9K deposit to the first GC, who strung us along for over a month before we terminated him. The HVAC system, which was particularly challenging due to the house’s layout, is now complete after weeks of work and material ordering. By the end of this week, the house will be painted, windows installed, HVAC and lighting completed, and kitchen cabinets installed. Flooring is scheduled for next week, and bathrooms will be finished within two weeks. She hired multiple contractors to speed things up and has taken on some of the work herself. She will send a link with updated pictures this weekend.
10/16/24
In terms of property rehab progress, there has been a setback as her contractor quit and did not complete the work, which may result in an additional month of delays. She mentioned that she plans to start working again next week on Friday, Saturday, and Sunday. Key milestones have been reached, with the flooring and foundation completed, and she is now ready to begin the HVAC system installation. The project has been delayed due to the issues with her contractor. Currently, the property is open for renting, with future plans to sell. On the budget front, everything is looking good. She will also send more photos to share with the PML through your phone number
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