Recently Funded Fix And Flip Loan In Novelty, Ohio

Loan Scenario:

This fix-and-flip project highlights a detached single-family home in Novelty, Ohio, purchased for $150,000 with a rehab budget of $88,220 and full financing at $214,380 resulting in a Loan-to-Cost (LTC) of 90% and an LTARV of 58%. This gives the investor solid room for value creation and upside. The Projected After Repair Value (ARV) stands at $370,000 following a full renovation. The renovation was comprehensive: installing new HVAC and ductwork, full re-studding and insulation, electrical upgrades including a new service panel, drywall finishing, flooring, doors, moldings, and trim enhancements.

The kitchen was modernized with new cabinets and granite countertops, and all three bathrooms received updated plumbing, fixtures, and finishes. Exterior work included window replacement, outdoor decking, and a contingency fund to address any surprises.

Novelty’s housing market remains firmly in seller’s territory, with the median home selling price rising to about $445,000 in June 2025, up nearly 4% year-over-year, and typical homes moving off the market in just over one week. Across Lake County, where Novelty is located, median sales are hovering around $229,000, with homes selling in roughly 28 days. These trends highlight strong buyer demand and position renovated homes like this one for quick resale with good margins.

Despite limited renovation experience, the investor took on a full-depth project, addressing structure, systems, and finishes. The financing terms allowed the work to move forward smoothly and aligned perfectly with the market’s demand for newly updated homes. This project showcases how American Heritage Lending empowers newer investors to deliver high-quality, move-in ready properties in competitive markets.