CINCINNATI, OHIO
40 UNITS SOLD
Purchase Price: $260,000
Renovation: $190,000
Total Equity: $450,000

URS acquired Incline via foreclosure in 2010 as a highly distressed asset with only 20% occupancy at time of closing. The property was in a low income neighborhood in severe disrepair requiring extensive renovation and intense management oversight. URS was able to secure the necessary capital for acquisition and renovation in 60 days through its private investor network.

Working intimately with local management URS established a detailed scope of work that included addressing security issues, curing deferred maintenance and establishing an interior unit spec to be replicated on all units.

Within 8 months of implementing both the renovation and marketing plan the property was over 95% leased and yielding over 12% unlevered cash on cash returns. The property was sold within 4 years netting investors an unleveraged 10% IRR.