Listing photo1424 42nd StDes Moines, Iowa
Des Moines, IA 50311 · MLS 751907
- 5 bd / 1.5 ba
- Bedrooms / baths
- 1,888 sq ft
- Living area
- 1918
- Year built
"Cash or hard money only."
1424 42nd St is a 5-bedroom, 1.5-bath home in Des Moines, Iowa listed at $260,000 with 1,888 square feet, built in 1918. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 10% down ($26,000), we fund the $84,960 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. See every hard money opportunity in Iowa or our Iowa hard money lending page.
From the listing. Investor or sweat-equity opportunity! Major exterior work done: new roof, siding, fascia, soffit, and gutters, plus a new detached one-car garage and completed foundation repair. Upgraded electrical panel. Interior fully demoed —
Hard money financing on 1424 42nd St: what you qualify for.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
- 1. Your score740Qualifies
- 2. Your experience1 to 2 projects10% down at closing
- 3. Down payment10% down$26,000 at closing
- With one to four completed projects in three years and a light (under half the price) renovation: up to 90% of the price at closing and up to 100% of the renovation.
- Ten or more completed flips (five in this state) with a 720 score reach 100% financing on this property.
- Add an after-repair value to confirm the total: the loan is also capped at 75% of it.
1424 42nd St priced at the list price.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $26,000 (10%) | |
| Loan at closing | $234,000 | |
| Cosmetic renovation, rough estimate* | We fund $84,960 | |
| Total loan | $318,960 | |
| Rate, interest only | from 9.99% | |
| Points | 1.5 ($4,784) | |
| Appraisal | Required | |
| Estimated monthly interest | $2,655 at full draw | |
| Cash to close, rough estimate | $35,174 | |
Rough estimates at the list price of $260,000 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $45 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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