There are still deals

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Just quoted a 4plex fee-for-service deal for a long-standing client.

The headline numbers are:

  • All-in for ~$1.45MM, inclusive of all renovation expenses and an acceptable fee to Adaptive
  • 10.7x GRM
  • 7% cap
  • $291 / sq ft

When it’s done, I think the owner would be able to refi the property at 75% LTV, pull out a big chunk of the money invested, and earn 8-10% cash-on-cash on the funds remaining in the deal.

That seems to me like a worthwhile project, right?

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