Listing photoRenton, WA 98057 · MLS 2550952
"Because of the required updates, traditional financing will likely not qualify, making this property a cash-only sale."
500 Mill Ave S is a 4-bedroom, 1-bath home in Renton, Washington listed at $375,000 with 1,730 square feet, built in 1901. 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 ($37,500), we fund the $190,300 renovation estimate in draws, and the loan closes in 2 weeks. A first flip puts 20% down. See every hard money opportunity in Washington or our Washington hard money lending page.
From the listing. Bring your tools, design plans, and sweat equity to 500 Mill Avenue South! Nestled in a highly accessible Renton neighborhood, this property presents a fantastic blank slate for flippers, landlords, or ambitious homeowners looking to build immediate equity in a competitive real estate market. The home is in clear need of some repairs, structural attention, and cosmetic updates to fulfill its true potential, making it the perfect candidate for a comprehensive transformation. Because of the required updates, traditional financing will likely not qualify, making this property a cash-only sale. The property is strictly being sold in its current "as-is, where-is" condition with all faults. The seller will make no repairs, modifications, or inspection concessions, allowing an investor to step in and take full charge of the renovation process. Situated on a functional lot with R-10 high-density zoning potential, this location offers convenient access to Downtown Renton, local parks, transit corridors, and major highway routes for an easy daily commute. Sale subject to approval by the King County Superior Court.
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 | $37,500 (10%) | |
| Loan at closing | $337,500 | |
| Full renovation, rough estimate* | We fund $190,300 | |
| Total loan | $527,800 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($7,917) | |
| Appraisal | Required | |
| Estimated monthly interest | $4,288 at full draw | |
| Cash to close, rough estimate | $49,807 | |
Rough estimates at the list price of $375,000 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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