256 N Monroe Ave.

Updated Progress

Date: 03/17/25

The rehab is making fantastic progress! This month brought some major milestones—upgraded and repaired electrical work, partial rewiring, and necessary plumbing improvements. The project remains right on track, sticking to the original five-month timeline. A slight challenge arose with the Ground Floor withdrawal process, but it’s being actively addressed. A thorough review is underway to clarify any discrepancies, and alternative funding solutions are being explored to ensure steady progress. The next phase includes window installation, siding, exterior and interior painting, with finishing touches expected within the month. The property is targeted for listing in mid-April. Updated photos are uploaded on server for review.

Date: 02/12/25

Progress remains strong, with the project moving forward despite a brief delay due to the electrician’s health. The setback has been resolved, and work is back on track. This week marks the completion of rough-in electrical wiring, allowing for the next phase of ordering and installing drywall throughout the property. Budget management is on track, ensuring financial stability for the project. Photos will be shared soon after the electrical work is finished, followed by the start of drywall installation and rough plumbing.

Date: 01/10/25

The property rehab project has made notable progress with the completion of demolition activities and the removal of a large tree from the side of the garage. Significant milestones include the successful removal of the tree and the demo work. The main challenge has been operating within a reimbursement draw schedule, which limits the ability to work on the project in large increments due to funding constraints, but an internal solution is being pursued to address this issue. Upcoming actions include framing, partial electrical rewiring, rough plumbing, and drywalling throughout the house. The project remains well within budget, and photos of the property have been made available for sharing. A realtor, engaged prior to the purchase, has provided valuable market insights and is prepared to list the property upon completion of the renovation.

Date: 12/7/24

The clean-out phase has been completed despite initial delays. The property, previously occupied by elderly tenants in borderline hoarding conditions, required significant debris removal. A delay in initial funding at closing extended the tenants’ move-out timeline, which pushed back their start date. Upon entry, they encountered more junk than expected, but this has been fully addressed, and the property is now ready for the next phase. Key progress includes completing the clean-out and preparing for demo, which is scheduled to begin this weekend. No additional delays or issues are reported at this time. The demo schedule is being finalized with the team and contractors, and updates will follow. They remain within budget thanks to the escrow held by the seller, which covered the debris removal costs. Photos of the property are available to share with the PML upon request.

Date: 12/6/24

The project has progressed to the completion of the clean-out stage, which was a significant task due to the property’s prior condition. The house was filled with belongings from elderly tenants living in borderline hoarder-like conditions. Complications arose when the initial funds didn’t come through at closing, delaying the tenants’ move-out and our immediate access to begin work. Once resolved, the amount of junk left behind was far greater than anticipated, but we’ve successfully cleared it out and are now moving on to demolition, which is set to begin this weekend.

Aside from the initial delays caused by the tenants and the cleanup process, there are no other issues or concerns at this time. The next major step is demolition, and I will coordinate with the team and contractors to provide a more detailed schedule. Financially, we remain within budget, thanks to an escrow held by the seller specifically to address the cleanup. Below, you’ll find an iCloud link with photos of the property that can be shared with the private money lender.