INV Ref – PRX9092 – Suncrest Capital Group

1425 MOUNT VERNON AVE COLUMBUS, OH

Updated Progress

08/08/25

The borrower shared that the property initially went under contract with the first offer, but the buyer later backed out. Since then, they’ve received four offers in total—one of which is still on the table and currently under negotiation. The property is not under contract at this time. He also shared that there was a showing yesterday, and another is scheduled for tomorrow. We’ll continue to monitor what happens with the deal and will let you know once there are further updates.

07/07/25

Scheduled Zoom Meeting with James:

The group discussed the current status of the 1425 Mount Vernon property. Ptolemy noted that the asking price has been reduced to $175,000, down from $179,900, but there have been no firm offers despite consistent showings. Ptolemy mentioned that nearby properties have listed for even lower prices, around $159,000 to $165,000, making it difficult to sell at the current price point.

Refinancing and property transfer plan:
Ptolemy outlined a plan to refinance the property and transfer ownership to an LLC managed by his wife, who is a realtor. This would allow them to potentially rent out the property rather than sell it. Ptolemy said he expects to have the LLC setup and refinancing process completed by early to mid-August at the latest.

Next steps and communication:
Gasseau emphasized the importance of keeping him updated on progress, requesting a weekly email status update. He encouraged Ptolemy to be upfront about any delays, noting that he understands things don’t always go as planned, as long as Ptolemy has a good plan to turn it into a positive outcome for all involved

06/09/25

June 12 sched for Zoom Meeting with Investor James

Property was due to be completed by May 22nd but is now ~3 weeks overdue. Currently listed at $180k (down from $195k), with a break-even point around $150k. No offers received despite price drops; market in the area is slow
Ptolemy needs to provide a clear timeline and exit strategy within 10 days

05/27/25

The property is still listed for sale and not under contract yet. No offers have been received at this point, but showings are scheduled over the coming weeks to help increase visibility. A $2,000 price cut was made on May 22 to spark more interest, and there’s a plan in place to continue adjusting the price as needed until a final offer comes through. While it’s taking a bit longer than hoped, there’s still confidence that the right buyer will come along—it’s just about staying flexible and keeping the momentum going.

Check Listing here: https://www.zillow.com/homedetails/1425-Mount-Vernon-Ave-Columbus-OH-43203/33848131_zpid/

05/07/25

The property is on track for closing and has already been listed on the market. At this time, there is no buyer in place, so a title company has not yet been selected. No challenges have been reported, and everything appears to be moving forward as expected.

Link: https://www.zillow.com/homedetails/1425-Mount-Vernon-Ave-Columbus-OH-43203/33848131_zpid/

04/23/25

Rehab is officially complete, and everything is lined up for listing this Friday! The property will hit the market at $199,900, a price that confidently reflects the quality of the updates throughout. The listing will be handled by the owner’s wife, who’s a licensed realtor. No backup plan in place just yet, but there’s solid confidence in how quickly this one will move. The finish line is in sight, and momentum is definitely strong!

03/21/25

The rehab is coming together fast, now about 75% complete and moving steadily toward the finish line. No pending permits, keeping everything on track without delays. Completion is expected before the end of the month, setting the stage for the next big step—listing next week. Exciting times ahead! Updated photos will be shared soon, capturing the transformation in progress. Stay tuned for the final touches!

02/27/25

Renovation work began yesterday, with progress made on removing items from the roof and preparing the exterior for painting. This week, work will focus on rehabbing the drywall and updating the bathroom vanity. There are no pending permits or inspections, and the project is expected to be completed before the end of March. No issues or delays have been encountered so far. The next significant action will involve considering refinancing, though a decision to sell has not yet been made. Photos will be shared once the requested email is sent. He is also asking for the process draw request.