Situation:

This husband and wife investment team got a steal on this mixed use, three story brick property in Brooklyn. The first floor is retail space while the second and third floors each hold a three bed, one bath unit. As-is, the property is appraised at $1.2 million – which means the couple purchased it for a $100,000 discount. With some minor cosmetic improvements (less than $10,000) and new tenants, these repeat borrowers anticipate a final property value of $1.7 million on their fresh-faced rental property.