A tax-acquired, City of Bangor–owned 3-bed Colonial in an established in-town neighborhood. Buy for $60,000 cash and complete a $57,024 cosmetic-plus rehab and certificate-of-occupancy scope. Then rent it at about $1,900/mo, then refinance at 75% of a $222,000 appraisal. A retail sale is the fallback exit.
Buy at $60,000 and spend $57,024 on the rehab. That covers Jon's interior scope, certificate-of-occupancy items, a new roof and new vinyl siding (Renatus rates plus a Maine labor and area adjustment), 15% contingency, and allowances for heating baseboard and a flue liner. This uses the term sheet already in hand: $105,000 financed on about $128,000 of total cost (about $23,000 down), 13% interest-only, no prepayment penalty. With 8 months of interest and holding costs, the all-in cost is $142,385. A 75% refinance on a $222,000 appraisal is $166,500.
| David-style terms: $105k at 13% · $60k buy · $57k rehab | 75% refi · base $1,900 · max refi | $179,000 refi 1.20 DSCR · 81% LTV | $156,000 refi Cash-flow sizing | 75% refi · downside $1,650 rent |
|---|---|---|---|---|
| All-in cost (lender's $128k total cost + 8 mo interest at 13% + holding) | $142,385 | $142,385 | $142,385 | $142,385 |
| Refinance loan | $166,500 | $179,000 | $156,000 | $166,500 |
| Loan-to-value on $222k ARV | 75% | 81% | 70% | 75% |
| Refi loan minus all-in cost | $24,115 | $36,615 | $13,615 | $24,115 |
| Refi closing costs | −$4,830 | −$5,080 | −$4,620 | −$4,830 |
| Hard money payoff | −$105,000 | −$105,000 | −$105,000 | −$105,000 |
| Cash back to Jon at refi | $56,670 | $68,920 | $46,380 | $56,670 |
| Jon's cash in before refi | $37,385 | $37,385 | $37,385 | $37,385 |
| Cash left in the deal | $0 (+$19,285 out) | $0 (+$31,535 out) | $0 (+$8,995 out) | $0 (+$19,285 out) |
| PITI (P&I 30-yr 7.25% + $285 tax + $75 ins) | $1,496 | $1,581 | $1,424 | $1,496 |
| DSCR (rent ÷ PITI) | 1.27 | 1.20 | 1.33 | 1.10 |
| Cash flow / mo after all reserves | −$71 | −$156 | $1 | −$258 |
| Cash flow / mo before maintenance & capex reserves | $119 | $34 | $191 | −$93 |
| Cash flow / mo before any reserves (vacancy, mgmt, maint., capex) | $404 | $319 | $476 | $154 |
| Purchase price test: what price still works? | $105k term sheet $57k rehab | Original 90/100 ask $57k rehab | $105k term sheet $47.5k Renatus-only rehab |
|---|---|---|---|
| Recover 100% of cash with a 75% LTV refinance ($166,500, DSCR 1.27 at $1,900; also the max 1.20-compliant refi) | $79,300 | $82,100 | $88,800 |
| Clean hold: 100% of cash back, DSCR ≥ 1.20 and $0+ cash flow after all reserves ($156,000 refinance) | $69,000 | $72,700 | $78,500 |
The purchase price doesn't change DSCR, which depends on rent and the refinance amount. It only changes how much cash comes back out. On the $105k term sheet, $60,000 recovers all of Jon's cash at a 75% refinance, which clears 1.20 DSCR at $1,900 rent; that holds up to a purchase price of about $79,300. The fully clean hold needs about $69,000, or about $78,500 if the rehab comes in at Renatus rates (close to Jon's $45k estimate). The price test holds the $105k loan fixed and adjusts the down payment.
Assumptions: a 30-year DSCR loan at 7.25%. Refinance costs are 2% plus $1,500. Hard money is carried for 8 months at 13% interest-only on $105,000, and the lender's ~$128,000 total cost is assumed to include purchase, rehab, closing and lender fees. Taxes are $285/mo after reassessment at the new ARV and insurance is $900/yr. Reserves are 5% vacancy, 10% management (SI Associates), 5% maintenance and 5% capex, and the tenant pays utilities. At the Renatus-only $47,500 rehab (no Maine adjustment), a 75% refinance pulls out $28,809 beyond Jon's cash. Seasoning caveat: some DSCR lenders limit cash-out to cost basis until 12 months of seasoning. At 75% of the $117,024 purchase plus rehab ($87,768), that would barely cover the $105,000 payoff and return none of Jon's cash, so the refinance lender needs to use appraised value after 6 months.
Short-term purchase and rehab loan. The primary exit is a DSCR cash-out refinance after 6 months of seasoning, and a retail sale is the fallback. Leverage is modest against value: either loan is about half of the after-repair value or less.
Total project cost of $134,491 before the sale. The lender funds 83%; Jon funds the rest from his own cash.
Public record from the City of Bangor FY2027 tax card and assessing data, plus the public listing.
| Address | 232 Birch St, Bangor, ME 04401 (Map-Lot 053-091) |
| Style / built | 1¾-story Colonial, built 1900 |
| Size | 956 sf above grade · 3 bed / 1 full bath · 6 rooms |
| Basement | Full basement on a brick/stone foundation, part finished. The assessor notes it as damp. |
| Lot | 0.12 acre (40 × 132 ft) · zone URD-1 · gravel drive for 1–4 cars |
| Systems | Oil-fired hot-water baseboard heat · public water and sewer · no cooling |
| Exterior | Wood frame, wood shingle siding, asphalt shingle roof, 168 sf deck |
| Assessment | $143,300 (FY27: land $17,000 + building $126,300) |
| Taxes | Mill rate $17.13 → about $2,455/yr now. After the rehab, a reassessment at about 90% of the $222,000 ARV would be about $3,420/yr ($285/mo). |
| Seller | City of Bangor. Tax-acquired in Dec 2023 and sold by quitclaim deed. |
| Status | Condemned / placarded A new certificate of occupancy is required before anyone lives there. |
Only true comps. These are updated or renovated single-family homes of 800–1,100 sf with 2 bedrooms and 1–1.5 baths, built 1861–1946, all in the same in-town Tree Streets and Grove/Pearl area within 0.45 mi of the subject, and sold in the last 13 months. Each is adjusted to the subject: 3 bed, 1 bath, 956 sf, built 1900, 0.12 ac, after Jon's rehab (new roof, siding, floors, paint and trim; kitchen and bath not remodeled; oil heat).
| Comp | Distance | Sold | Sale price | Sq ft | Bd/Ba | $/sf | Adjustments to the subject | Adjusted value |
|---|---|---|---|---|---|---|---|---|
| 172 Fern St 1½-story · built 1945 · 0.21 ac | 0.06 mi | Oct 2, 2025 | $215,000 | 822 | 2/1 | $262 | Time (sold 13 mo ago, +1%): +$2,150 Size: 134 sf smaller × $50: +$6,700 Bedrooms: 2 vs 3: +$5,000 Condition: updated kitchen vs subject's original: −$5,000 Lot: 0.21 ac vs 0.12 ac: −$3,000 Net +$5,850 | $220,850 |
| Why chosen Same Tree Streets blocks as the subject, about a block away. Renovated and updated small older home, very close in size. | ||||||||
| 246 Fern St Ranch · built 1946 · 0.14 ac | 0.17 mi | Sep 19, 2025 | $212,000 | 882 | 2/1 | $240 | Time (sold 13 mo ago, +1%): +$2,120 Size: 74 sf smaller × $50: +$3,700 Bedrooms: 2 vs 3: +$5,000 Condition: updated kitchen: −$5,000 Heat pump (subject has oil only): −$3,000 One-level ranch premium: −$3,000 Net −$180 | $211,820 |
| Why chosen Tree Streets, 0.17 mi. Updated 1940s cottage: new flooring, updated kitchen, heat pump, new chimney. Similar size and price tier. | ||||||||
| 298 Fern St Cape · built 1925 · 0.20 ac | 0.29 mi | Sep 30, 2026 | $229,900 | 983 | 2/1 | $234 | Size: 27 sf larger × $50: −$1,350 Bedrooms: 2 vs 3: +$5,000 Heat pump (subject has oil only): −$3,000 Lot: 0.20 ac vs 0.12 ac: −$3,000 Net −$2,350 | $227,550 |
| Why chosen Tree Streets, 0.29 mi, sold last month. Updated older Cape (heat pump, newer appliances, vinyl siding), within 3% of subject size. | ||||||||
| 342 Grove St 1½-story Colonial · built 1900 · 0.06 ac | 0.45 mi | Jul 31, 2026 | $215,000 | 910 | 2/1 | $236 | Size: 46 sf smaller × $50: +$2,300 Bedrooms: 2 vs 3: +$5,000 Heat pumps + newer furnace: −$4,000 Condition: subject gets new roof, floors, paint, trim: +$5,000 Lot: 0.06 ac vs 0.12 ac: +$2,000 Net +$10,300 | $225,300 |
| Why chosen Same era (1900) and style, in-town URD-1 zoning, 0.45 mi. Maintained and updated mechanicals (heat pumps, newer furnace, vinyl siding) but not a full cosmetic renovation. | ||||||||
| 70 Pearl St 1½-story Colonial · built 1861 · 0.08 ac | 0.34 mi | Sep 15, 2025 | $235,000 | 1,059 | 2/1.5 | $222 | Time (sold 13 mo ago, +1%): +$2,350 Size: 103 sf larger × $50: −$5,150 Bedrooms: 2 vs 3: +$5,000 Half bath: −$4,000 Condition: new kitchen + renovated bath: −$10,000 Heat pumps + direct-vent heater: −$3,000 Lot: 0.08 ac vs 0.12 ac: +$2,000 Net −$12,800 | $222,200 |
| Why chosen In-town, 0.34 mi, older home with an extensive renovation. It's the best 'fully renovated' bracket for the subject, adjusted down for its new kitchen, baths and heat pumps. | ||||||||
Navy bars are actual sale prices and gold bars are the values adjusted to the subject. The dashed line marks the $222,000 ARV; the ARV range is $215k–$228k.
Size: $50/sf of above-grade difference, a marginal rate for small in-town homes, well below the average $/sf. Bedroom: $5,000 (every comp is 2 BR against the subject's 3). Half bath: −$4,000. A full kitchen and bath renovation is −$10,000 and an updated kitchen −$5,000, because Jon's scope leaves both original. Heat pumps: −$3,000 to −$4,000 (the subject keeps oil heat). Lot: −$3,000 at 0.20 ac or more, +$2,000 at 0.08 ac or less. One-level ranch: −$3,000. Time: +1% for sales more than 12 months old.
The house next door at 236 Birch is 37% larger. One nearby ranch, built 1950 with a full kitchen, bath, heat-pump and site renovation, sold well above this tier. Another renovated home has 2 full baths and about 1,200 sf. Several dated, unrenovated sales were excluded, and so were newer 1960s–70s ranches, distressed or city-owned sales, and multi-family. None of these met the size, bath, condition or era test.
Sources: City of Bangor assessing records, public property-transfer reports and public listing summaries, retrieved Oct 29, 2026. Distances are measured from the parcel centroids. The ARV assumes Jon's stated scope. Adding a kitchen and bath remodel supports about $240,000.
Unit costs are Renatus IOS Repair Estimator defaults, and quantities are based on 956 sf above grade. Tier 1 is the interior scope Jon confirmed at his walkthrough today. Tier 2 covers the items the city typically requires before it will reissue a certificate of occupancy on a placarded house. Tier 3 is the new roof and new vinyl siding Jon asked for, with a clearly labeled Maine labor and area adjustment where Renatus's per-property-sf basis understates the work.
| Line item | Qty | Unit | Renatus unit cost | Total |
|---|---|---|---|---|
| Tier 1 · Jon's walkthrough scope | ||||
| Baseboard trim, new (all rooms) | 400 | LF | $3.16 | $1,264 |
| Paint new baseboard trim | 400 | LF | $1.90 | $760 |
| Vinyl flooring throughout (main + finished bsmt) | 1,200 | SF | $2.30 | $2,760 |
| Interior paint throughout | 956 | SF | $2.30 | $2,199 |
| Extra wall prep (vacant/condemned walls) | 956 | SF | $0.58 | $554 |
| Basement stairs, complete replacement | 1 | EA | $1,150 | $1,150 |
| Chimney repair (brick/stone, lump sum) | 1 | LS | $5,750 | $5,750 |
| Tier 1 subtotal | $14,437 | |||
| Tier 2 · Likely certificate-of-occupancy items | ||||
| Boiler / HVAC service (oil HW system) | 1 | EA | $575 | $575 |
| Electrical, basic + fixtures | 1 | LS | $3,450 | $3,450 |
| Plumbing, wet locations | 1 | LS | $1,725 | $1,725 |
| Drywall patches | 2 | EA | $575 | $1,150 |
| Dumpster, 40-yd | 1 | EA | $575 | $575 |
| Demo / debris haul (fill one 40-yd) | 1 | EA | $575 | $575 |
| Yard cleanup | 1 | LS | $575 | $575 |
| Permits, City of Bangor remodel | 1 | LS | $1,725 | $1,725 |
| Tier 2 subtotal | $10,350 | |||
| Tier 3 · New roof & new vinyl siding (Renatus IOS defaults, 956 property sf) | ||||
| Roof rip & replace, architectural shingle (Renatus: per property sf) | 956 | Prop SF | $4.60 | $4,398 |
| Steep-pitch premium (1¾-story gable) | 956 | Prop SF | $0.23 | $220 |
| Fascia (eaves ~52 LF + rakes ~56 LF) | 110 | LF | $3.45 | $380 |
| Soffit (eaves + returns) | 60 | LF | $4.60 | $276 |
| Gutters & downspouts (Renatus flat, per property sf) | 956 | Prop SF | $0.58 | $554 |
| Siding demo: strip wood shingle siding | 956 | Prop SF | $0.86 | $822 |
| New vinyl siding | 956 | Prop SF | $2.59 | $2,476 |
| Tier 3 subtotal (Renatus) | $9,126 | |||
| Maine labor / area adjustment (roof ≈850 sf, siding wall area ≈1,550 sf) | ||||
| Roof: Maine labor/area adj. (850 sf roof + 10% waste, ice & water shield; Bangor ≈$7.30/roof sf all-in → $6,200) | 1 | LS | $1,583 | $1,583 |
| Siding: area adj. (≈1,550 sf actual wall vs 956 property sf) × Renatus demo + vinyl $3.45 | 594 | Wall SF | $3.45 | $2,049 |
| Siding: Maine labor adj. (house wrap, J-channel, window/door/corner trim) | 1,550 | Wall SF | $3.00 | $4,650 |
| Maine adjustment subtotal | $8,282 | |||
| Roof & siding all-in before contingency (Tier 3 + adjustment) | $17,408 | |||
| Tiers 1 + 2 + 3 + adjustment | $42,195 | |||
| Contingency, 15% (condemned property) | 15% | of subtotal | n/a | $6,329 |
| Core rehab incl. 15% contingency | $48,524 | |||
| Allowances · optional lines, drawn only if needed | ||||
| Optional: replace hot-water heating baseboard (fin-tube, licensed plumber). Range $3,000–7,000 | 60–90 | LF | $35–75/LF | $5,000 |
| Optional: stainless chimney flue liner for the oil boiler. Range $2,500–4,500 | 1 | EA | n/a | $3,500 |
| Total rehab budget (financed) | $57,024 | |||
Interior, CO items, exterior (Renatus), Maine adjustment, contingency, allowances
Budgeted at the Renatus brick/stone lump sum of $5,750. Jon judged the masonry rough but manageable. An oil boiler needs a lined flue, so a $3,500 liner allowance is carried in the budget (range $2,500–4,500). Another option is a direct-vent boiler or heat pumps, which removes the chimney from the heating system.
Complete replacement at $1,150. Code-compliant risers and treads, headroom and a handrail are included in the scope. The basement is noted as damp, so the stringer bearing and sill condition get checked during demo.
Kitchen (refinish cabinets and new counters, $7,475, plus appliances, $2,300) and the full bath ($6,325) total $16,100 before contingency. Adding them supports about $240,000 and would raise rent.
The buy and rehab are the same as the flip, on the $105k, 13% term sheet, carried for 8 months: 6 months of rehab plus about 2 months to lease up and refinance. Rent is $1,900/mo (Jon's figure; downside $1,650, HUD FY26 3BR Fair Market Rent $2,133), with the tenant paying heat, electric and utilities. Operating costs: taxes $285/mo after reassessment, insurance $900/yr, 5% vacancy, 5% maintenance, 5% capex and 10% management by SI Associates. The refinance is a 30-year DSCR loan at 7.25% against a $222,000 appraisal.
| Monthly operations at $1,900 | Amount |
|---|---|
| Gross rent | $1,900 |
| Vacancy, 5% | −$95 |
| Management, 10% (SI Associates) | −$190 |
| Maintenance reserve, 5% | −$95 |
| Capital expenditure reserve, 5% | −$95 |
| Property taxes (post-rehab reassessment) | −$285 |
| Landlord insurance, $900/yr | −$75 |
| Net operating income | $1,065 |
| P&I on $166,500 refi (30-yr, 7.25%) | −$1,136 |
| Cash flow after all reserves | −$71 |
| Cash flow before maintenance & capex reserves | $119 |
| Cash flow before any reserves | $404 |
Bars show monthly cash flow after all reserves at a 75% LTV refinance (navy) and at the $156,000 cash-flow sizing (gold). The line shows DSCR at 75% LTV.
| Monthly rent | 60% LTV $133,200 loan | 65% LTV $144,300 loan | 70% LTV $155,400 loan | 75% LTV $166,500 loan |
|---|---|---|---|---|
| $1,550 Low | 1.22 | 1.15 | 1.09 | 1.04 |
| $1,650 Downside (Zillow est. $1,637) | 1.30 | 1.23 | 1.16 | 1.10 |
| $1,800 Soft | 1.42 | 1.34 | 1.27 | 1.20 |
| $1,900 Base (Jon's rent) | 1.50 | 1.41 | 1.34 | 1.27 |
| $2,133 HUD FMR, gross | 1.68 | 1.59 | 1.50 | 1.43 |
DSCR = monthly rent ÷ PITI (30-year amortization at 7.25%, taxes $285, insurance $75). Green is 1.20 or higher, amber is 1.00–1.19 and red is below 1.00.
This uses the term sheet in hand: $105,000 at 13% interest-only on about $128,000 of total cost (Jon puts about $23,000 down), with no prepayment penalty. Interest is charged on the full balance for all 6 months. Holding costs are $755/mo for taxes, vacant-property insurance and winter utilities. Jon lists the house himself, so the only commission modeled is 2.5% to the buyer's agent.
| Flip pro forma · base case | Amount |
|---|---|
| Sale price (ARV) | $222,000 |
| Purchase price | −$60,000 |
| Rehab, incl. 15% contingency and allowances | −$57,024 |
| Closing, lender fees and other costs within the lender's $128,000 total cost | −$10,976 |
| Interest, 13% × 6 months on $105,000 | −$6,825 |
| Holding costs, $755/mo × 6 | −$4,530 |
| Buyer-agent commission, 2.5% (Jon lists the property himself) | −$5,550 |
| Seller closing costs and transfer tax, 1.5% | −$3,330 |
| Net profit | $73,765 |
| Total project cost | $148,235 |
| Jon's cash needed ($23,000 down + interest + holding) | $34,355 |
| Return on cash invested (6 months) | 215% |
| Return on total cost | 50% |
| Profit margin on sale price | 33% |
Costs, then profit
| Scenario | ARV | Rehab | Hold | Commission | Loan | Cash needed | Net profit | ROI on cash |
|---|---|---|---|---|---|---|---|---|
| Stress low ARV, budget +20%, 8 months, full 5% commission (loan fixed at $105k) | $215,000 | $68,429 | 8 mo | 5.0% | $105,000 | $49,545 | $46,480 | 94% |
| Base financed rehab budget | $222,000 | $57,024 | 6 mo | 2.5% | $105,000 | $34,355 | $73,765 | 215% |
| Base, full commission if listed with an outside broker at 5% | $222,000 | $57,024 | 6 mo | 5.0% | $105,000 | $34,355 | $68,215 | 199% |
| High adds kitchen and bath (loan fixed at $105k) | $240,000 | $75,539 | 7 mo | 2.5% | $105,000 | $54,762 | $70,638 | 129% |
The spread is wide because the market is pricing in the risks of a quitclaim deed and a condemned house. Under the original 90/100 request instead of the term sheet, base-case profit would be $78,629 on $23,467 of cash. Section 09 shows how those risks are cleared before any money is at risk.
Net flip profit assuming a 6-month hold on the $105k, 13% term sheet (loan held fixed, Jon funds the rest) and a 2.5% commission. The loan grows with the rehab budget. The base case is outlined in gold.
| Sale price (ARV) | $47,500 Renatus only, no Maine adj. | $57,024 Financed budget (base) | $68,429 Budget +20% overrun | $75,539 + kitchen & bath |
|---|---|---|---|---|
| $205,000 | $66,969 | $57,445 | $46,040 | $38,930 |
| $215,000 | $76,569 | $67,045 | $55,640 | $48,530 |
| $222,000 | $83,289 | $73,765 | $62,360 | $55,250 |
| $228,000 | $89,049 | $79,525 | $68,120 | $61,010 |
| $240,000 | $100,569 | $91,045 | $79,640 | $72,530 |
Green is $80k+, light green $50–80k, amber $25–50k and red under $25k. Every cell in the grid is profitable, including a $205,000 sale with a $75,539 rehab.
This is a City of Bangor tax-acquired, placarded property sold by quitclaim deed. The main risks are legal and regulatory, so they are diligenced before closing.
The city conveys by quitclaim, and under Maine law (36 MRSA §943-C, LD 101) a prior owner can challenge a tax-lien foreclosure for up to 5 years after it. The city acquired this property in December 2023.
Mitigant: the purchase is contingent on a title commitment that will issue owner's and lender's policies. The lender's policy is a closing condition, and the same title work supports the DSCR refinance. The city defends any challenge to its foreclosure.
The placard removed the certificate of occupancy, and a new one is required before the house can be occupied or rented. Plumbing and electrical permits must be pulled by licensed trades.
Mitigant: a Code Enforcement walk-through (207-992-4230) before closing, including confirming there is no red "X" structural placard. Tier 2 budgets $10,350 for CO items, and the 15% contingency sits on top of that.
Maine heating oil averaged a record $6.04/gal on Oct 19, 2026. A 956 sf house built in 1900 with limited insulation may burn 500–700 gal/yr ($3,000–4,200), which affects both winter holding costs and how easy the house is to rent.
Mitigant: the holding budget includes winter heat. Air sealing or a heat-pump add-on improves both resale and rent, and the tenant pays heat.
The masonry is rough, and an oil boiler needs a sound, lined flue.
Mitigant: $5,750 is budgeted, with a separately priced liner option of $2,500–4,500. A direct-vent boiler or heat pumps can take the chimney out of service entirely.
The house has been vacant 3+ years: freeze damage to the hot-water heating system, plumbing or boiler is possible, and the basement is damp.
Mitigant: pressure-test the heating and plumbing before closing. The $5,000 heating baseboard allowance plus the 15% contingency covers it. A sale even with a 20% budget overrun still nets $46,480.
A Maine winter limits exterior work. Stripping the original wood shingles can also expose sheathing rot on a house built in 1900.
Mitigant: the roof and siding are budgeted at $17,408 before contingency, including the Maine labor and area adjustment, and the 15% contingency covers sheathing repairs. The roof is done in the first dry window and the siding can wait until spring without holding up the interior or the certificate of occupancy.
The $222,000 ARV comes only from five adjusted true comps, all within 0.45 mi in the same in-town neighborhood, with adjusted values of $211,820–$227,550. The term-sheet loan is 49% of the low-case ARV.
Mitigant: a 75% refinance needs only a $222,000 appraisal to return all of Jon's cash. A retail sale, which Jon lists himself, is the fallback.
Target dates assume the city accepts the offer in November.
A $60,000 cash offer to the City of Bangor with no financing contingency, then city review and acceptance.
Title commitment for owner's and lender's policies, the Code Enforcement walk-through, heating and plumbing pressure tests, contractor bids and lender valuation.
Fund $54,000 at closing, insure the house as vacant/builder's risk, keep the heat on, pull permits and set up the dumpster for demo.
Chimney, basement stairs, electrical and plumbing first, then drywall, paint, vinyl flooring and trim. The roof goes on in the first dry weather window; siding follows as weather allows, or in early spring. Draws come out of the $57,024 holdback.
Final inspections and a new certificate of occupancy from the city.
BRRRR (primary): lease up through SI Associates (Section 8 preferred), then a DSCR cash-out refinance once 6 months of seasoning are reached, which repays the loan by month 8–9. Fallback: Jon lists at about $222,000 in the spring market.
All data is from public sources: City of Bangor records, public listing syndication and published market data.
A Bangor-based broker and active investor who does BRRRR projects and flips. I'm requesting a $111,024 purchase and rehab loan for 232 Birch St, a BRRRR with a DSCR refinance as the exit, and am ready to move quickly on terms, a draw schedule and an appraisal.