Case Study

2000 Parker, Portsmouth
2000 Parker Avenue, Portsmouth, Virginia 23704, United States

Single Family

Property Type

April 2024

Acquisition Date

Holding

Exit Date

Project Overview

The renovation scope was managed by William Osorio as general contractor, with REIF self-managing roofing, demo, and miscellaneous work. The project encompassed a full interior rehabilitation: updated systems, new finishes, flooring, kitchen and bath upgrades, and a complete roof replacement. The property was renovated and stabilized with a quality tenant at $2,150/month prior to the February 2025 refinance.

The Challenge and  What We Did

The Challenge

  • Significant deferred maintenance across the interior and exterior
  • Outdated finishes and an inneficient layout
  • Permitting and inspection delays that compressed the schedule
  • Aging mechanical, electrical, and plumbing systems requiring full replacement

What We Did

  • Acquired the property below replacement cost
  • Renovated the property
  • Updated and modernized the home
  • Replaced aging mechanical, electrical, and plumbing systems
  • Found a long term tenant for the property 

Property Data

The property was acquired off-market in distressed condition and required a full renovation before it could be placed into service as a rental. The scope included updated mechanical systems, new flooring and finishes, kitchen and bathroom renovations, and a complete roof replacement. REIF self-managed portions of the project, including roofing, demolition, and miscellaneous work, while William Osorio served as the general contractor. The property was successfully stabilized with a quality tenant prior to refinancing. 

Detail

Information

Acquisition Price
$106,500
Cash Returned via Refi

$149,217

Net Equity in Deal
$67,025
Annual NOI

$20,965

Annual Cash Flow

$8,690

Cash-on-Cash Yield

13.0%

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