This property is one of our favorite buildings of all time. It is not a big building. It was not a particularly expensive building. There are 12 apartments with 2 bedrooms and 1 bathroom each. This is the kind of place that many of us rented early on in our service careers. Approximate to the base and near some decent restaurants. Just your average apartment that people live in.

We acquired this property for $500,000, which was a good deal at the time.  As you can see from the first couple of photos, it was run down and banged up. It was just was not a place that you would be super proud of calling home.

What we did over 12 months is we put $300,000 into renovations. We renovated everything! On the exterior, we replaced the roof, changed all the windows, replaced the siding, and added stack-stone accents.  In the interior of each unit, we demolished the old kitchens, added dishwashers, microwaves, and soft-close cabinets. We replaced old appliances with new stainless-steel appliances. Nice LVT flooring, fresh paint, and new fixtures were added throughout. Washers and dryers were added to the units that did not have washers and dryers before for an additional monthly fee.

When we were finished, the building looked like a million bucks and the bank agreed! For a two-bedroom unit in a pretty decent location, the old, run-down old apartments were rented for $700. When we were finished with all of our upgrades, the new units were rented for $1100. Now the place is fully occupied!

The bank recently assigned a value to the property of $1.3 million. That is pretty easy math. We spent $800,000 to create something worth $1.3 million. This means in one year we made half a million dollars in equity. That is not even considering the annual income that has gone way up because the rents are almost 50% higher.

In a nutshell, this is what we do at Mission First Capital. We directly invest in buildings just like this in your town or one like it, and we create great places for people to call home.

Property Details

Location: Norfolk, Virginia
Units: 12
·  12 – 2 bedrooms, 1 bathroom



Purchase Price (2020): $500,000
Renovation Cost: $300,000
Current Property Value (2021): $1,300,00



Previous Monthly Rent: $700 Current Monthly Rent: $1100
Annual Cash Flow: $100,800 Annual Cash Flow: $158,400


Value Added

Equity: $500,000
Annual Cash Flow: $57,600
Join Our
Mailing List

You'll be the first to know about Mission First Capital's markets, properties, deals, and availability!