110 Kings Dr SE, Acworth, GA 30101
Date: 10Dec2024
Transaction Type: Fix and Flip
Property Address: 110 Kings Dr SE, Acworth, GA 30101
Purchase Price: $100,000.00
Current “as is” value: $150,000.00
Rehab Budget: $100,000.00
ARV: $355,000.00
Property Under Contract (yes or no): yes
Purchase Date (if refinance): N/A
Loan Request Amount: $200,000.00
Gross Profit of $155,000.00
Loan scenario: Pay $100,000.00 to the seller. $100,000.00 to be paid at $20,000.00 draws over five draws. The below is a good draw time if closed now.
Full Re-Construction, Front Porch, Deck, 2nd Story Buildout
Address: 110 kings drive, Acworth Ga 30101 County: Bartow
General scope of work to be performed
EXTERIOR SITEWORK, DRAINAGE AND LANDSCAPING:
The scope of the existing sitework requires minor regrading of the property for the driveway access, flatten out rear yard to accommodate a patio, deck from the home, while providing a proper drainage system from uphill left side adjacent properties. The lower right-side area will provide the proper distances from the home as a drainage swale.
INTERIOR FINISHES, BUILD-OUT:
The general scope of the project will consist of the demolition of the interior drywall, old cabinets, old laminate c-tops, outdated appliances, removal of the 80’s tub, small vanity, toilet. All flooring, carpets, wood panels are removed in order to expose the electrical, plumbing, HVAC systems for up-dates or replacements TBD,
Basically, the interior of this home will be stripped down to the structural CMU, cinderblock, 2×4 studs, exposed roof rafters. This will expose all the interior elements to be restored and replaced. The walls will be sealed to prevent moisture transfer, insulated throughout this finish area, installation of drywall, cement board in baths, combined w/ a simple trim for baseboards, stairs, doors, windows.
REMOVAL & REPLACEMENT OF ROOF SYSTEM:
The old roof members were not installed correctly, the size of rafters are inadequate for the distance, poor roof pitch, that is minimal. The metal roofing material will be removed and MAY be utilized on perimeter areas such as dormers, sheds, bay windows if applicable, TBD. The new open frame roof trusses will provide a central area for extra bedrooms, baths, guest rooms, children’s play areas, or offices. The central stairwell will link these upper and lower floors together.
FINAL RECONSTRUCTED LOWER LEVEL:
The main entrance will have a gabled roof, rustic beams, and entrance seating during family gatherings. This lower level open floor plan allows for interaction from front room, kitchen, and dining areas, while full access from front foyer thru to rear patio doors. The new vaulted 9-10 ft ceilings in the lower area, entertainment area, master on the main level, completes this lower level
The ceiling will be encapsulated with distinctive wood accents for a sleek modern visual appeal. Floors are a polished concrete, sealed concrete floor, wood or floating laminate, TBD. The master bedroom will allow for privacy, ease of access, a full bathroom suite, adjacent to the rear patio, deck access, TBD.
All bathrooms will be tile, stand-up shower, tubs for main bedroom, TBD. The large vanities and mirror cabinets add style & storage. Numerus’s closet’s will be available for the summer’s & holidays. The existing plumbing system for hot cold water lines is readily available from crawl space, and will be utilized for future bathrooms upstairs (TBD) This is based on the size of the existing septic system. The existing drainage system ties into the existing septic system. The existing 4” waste line with some alterations to the upper septic lines have been determined.
HOME CONSTRUCTION, SCOPE OF WORK FOR DRAW SCHEDULE
1] The scope of work for the initial draw is based on: $20,000 draw; 02Jan2025
This will be utilized for the final design documents, and initial permits to the Bartow county inspectors office for approval. The onsite security to protect tools, equipment from theft via fence, gate, security system. Demolition of the existing interior walls, drywall, cabinets, flooring and security of the windows, doors as req’d. The ordering of the NEW TRUSS system requires a 50% deposit for the engineered gable trusses. Floor trusses, gable end trusses.
2} The scope of work of the old roof, set trusses, is based on: $20,000 draw; 20Jan2025
The demolition of the old roofing is completed, and ready for the new truss units. The 2nd final payment for the Truss units can be delivered to the home. These roof trusses are lifted onto the existing perimeter wall plates. installation. roof decking, gable framing and “dry-in” roofing with self-adhesive membranes thru the entire roof deck. The new roofing materials are NOT installed due to that material being TBD, The new roofing will be a mix of asphalt shingle, metal roofing. TBD.
3] The scope of work for utility, rough-ins, siding is based on: $20,000 draw; 17Feb2025
Final install of the exterior siding will be installed based on window and door placements, trim details, front gable overhangs, This cement, vinyl, wood mixture is based on design documents. The interior stairs, trim, railings complete. The full buildout of 2nd floor finished rooms is based on new home buyers requests. TBD, The roofing is complete, framing is completed, windows, doors & siding is complete. Final paint, finish colors not completed at this phase due to color selections by new home buyers is TBD.
4] The scope of work for the detailed finishes, coatings is based on:. $20,000 draw; 10Mar2025
This phase of the project is closing out the exterior paint services, setting finish details for lighting systems, HVAC units inside attic, outside units, final plumbing services to inside the home, or a potential up-grade to the septic system per local building codes, permits as req’d. Note: This upgrade to the existing system is NOT included as the loan costs, due to it being TBD.
NOTE: The draw amounts are based on the #4, 5 areas separated due to a larger or smaller scope of work according to local codes, septic system, buildout of the partial upper level, full buildout, or not at all. This decision is available for the new home buyers to determine, based on purchase price. These “MAY” be combined to final lower cost in order to reduce time, cost.
5] The scope of work to set drywall, interior trim packages, based on: $20,000 draw; 07Apr2025
Final set of utility trim for electrical, HVAC and finish plumbing units. The new appliances for kitchen, bathrooms, and laundry areas. This final phase is to complete the interior house finishes, floors, and trim packages as req’d for a C/O Certificate of occupancy provided at the end of closing on the loan for new buyers.
Total loan amount $200,000.00
Thank you very much,
Richard Walker
My personal email:
RDW@AbrahamCapital.LLC
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