Listing photoMount Vernon, NY 10550 · MLS 1051352
"Calling All Investors, Contractors & Visionaries! Opportunity awaits in Mount Vernon! This two-family property is ready for a complete renovation and offers incredible potential for the right buyer."
308 S 7th Ave is a 4-bedroom, 2-bath home in Mount Vernon, New York listed at $379,000 with 1,800 square feet, built in 1960. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with at least one completed project puts 10% down ($37,900), we fund the $198,000 renovation estimate in draws, and the loan closes in 2 weeks. A first flip puts 20% down. See every hard money opportunity in New York or our New York hard money lending page.
From the listing. Calling All Investors, Contractors and Visionaries! Opportunity awaits in Mount Vernon! This two-family property is ready for a complete renovation and offers incredible potential for the right buyer. Whether you are looking for your next fix-and-flip, a long-term rental investment, or an owner-occupied home, bring your contractor and your vision to transform this diamond in the rough into something special!
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.
| Item | Fix and flip: 10% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | |
| Buyer down payment | $37,900 (10%) | |
| Loan at closing | $341,100 | |
| Full renovation, rough estimate* | We fund $198,000 | |
| Total loan | $539,100 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($8,087) | |
| Appraisal | Required | |
| Estimated monthly interest | $4,380 at full draw | |
| Cash to close, rough estimate | $50,377 | |
Rough estimates at the list price of $379,000 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 $110 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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