34 Mead Street after renovation: white two-story home with black trim, brick chimney, full-width front porch, and a detached garage on a Hillsdale corner lot.

Deal Case Study

34 Mead
Street

Hillsdale, Michigan

A distressed home transformed into a professionally managed family rental through the BRRRR investment strategy.

Investment Snapshot

Acquisition Price$57,500
Renovation Investment$81,000
Total Project Cost$138,500
After Repair Value$287,000
Equity Created$148,500
Monthly Rent$1,975
Estimated Cap Rate8.3%Approximate
Current StatusStabilized

BRRRR Performance

Return on Investment107.2%
Investment StrategyLong-Term BRRRR Hold
Acquisition SourceDirect Mail Marketing
Ownership StatusLong-Term Hold

Project Story

Some of our best opportunities begin with simply letting people know we are willing to help.

After receiving one of our "We Buy Houses" mailers distributed throughout Hillsdale, the homeowner contacted us. She was experiencing significant financial hardship, the home had deteriorated over many years, and its condition prevented her from obtaining homeowners insurance.

Rather than seeing a property beyond repair, we saw an opportunity to solve a difficult situation while preserving another home for the Hillsdale community.

Following the purchase, we completed a comprehensive renovation focused on long-term ownership. Today, the property is professionally managed, fully occupied, and provides quality housing for a local family.

The BRRRR Process

B Buy

This property was acquired through our direct mail marketing campaign. After receiving one of our "We Buy Houses" brochures, the homeowner contacted us seeking a solution for a property that had become difficult to maintain.

Because we specialize in value-add investments, we were able to move quickly and purchase the home directly.

R Rehab

Approximately $81,000 was invested to completely transform the property.

The renovation included structural and deferred maintenance repairs, new drywall throughout, new flooring, a completely renovated kitchen, an updated bathroom, new lighting and fixtures, interior and exterior paint, updated mechanical systems, and landscaping and exterior improvements.

Rather than applying cosmetic upgrades, the goal was to create a durable, low-maintenance home that would perform well for years to come.

R Rent

Following completion, the property was professionally leased for $1,975 per month.

Our goal is not simply to renovate homes. It is to provide housing that tenants are proud to call home.

R Refinance

After stabilization, the property appraised for $287,000, creating approximately $148,500 in equity.

The refinance allowed us to recover a significant portion of our invested capital while retaining ownership of the property and continuing to build long-term wealth through rental income.

R Repeat

Capital returned through refinancing was reinvested into additional acquisitions, allowing us to continue expanding our portfolio while preserving quality housing throughout Hillsdale.

Before & After

Front Exterior

34 Mead Street after renovation: white lap siding with black trim, rebuilt front porch with black railings, brick chimney, tidy lawn and driveway. 34 Mead Street before renovation: dark weathered siding, a sagging full-width porch, bare dirt yard and overgrown fence line. Before After ↔

The brick chimney and full-width front porch anchor both frames. Structural and deferred maintenance repairs, interior and exterior paint, and landscaping and exterior improvements brought the outside of the home back.

Rear Deck

Rear deck after renovation: glass french doors with black frames opening onto a deck with dark railings and an exterior light. Rear of the house before renovation: aging covered deck with broken lattice skirting, weathered green siding, debris in the yard. Before After ↔

The rear of the home, where the aging covered deck stood. Glass french doors now open onto a fresh deck, part of the exterior improvements that reached every side of the property.

Bedroom

Bedroom after renovation: new drywall, grey paint, new plank flooring, ceiling light, and a window over the yard. Bedroom before renovation: water-stained sagging ceiling, dated furniture and clutter, a window air conditioner. Before After ↔

Water-stained ceilings and decades of wear gave way to new drywall throughout, new flooring, new lighting and fixtures, and fresh paint, the same standard carried through every room of the house.

Main-level room after renovation: grey walls, new plank flooring, bright window. Open living space after renovation, looking toward the stacked laundry and stainless refrigerator. Kitchen after renovation: white cabinets, stainless range and microwave, window over the sink. Kitchen counter after renovation, looking toward the dining area and french doors. Interior french doors after renovation, opening onto the rear deck. Bathroom after renovation: round mirror, walk-in shower with black frame, new vanity and toilet. Bathroom vanity after renovation with black faucet and new fixtures. Upstairs bedroom after renovation under the sloped ceiling, bathroom through the door. Upstairs room after renovation: new flooring, fresh paint, window over the yard. Side entry after renovation: new black door and steps against white lap siding.

Lessons Learned

  • Off-market opportunities often come through consistent outreach and strong community relationships.
  • Solving structural and mechanical issues before cosmetic improvements creates better long-term outcomes.
  • Standardizing materials and finishes improves efficiency while reducing future maintenance costs.

Community Impact

  • Preserved a home that was at risk of continued deterioration.
  • Helped a homeowner navigate a difficult financial situation through a direct purchase.
  • Added another professionally managed rental home to the Hillsdale community.
  • Improved the appearance and long-term stability of the surrounding neighborhood.
  • Created quality housing for people who moved from out of town to Hillsdale thanks to the new high-quality supply.

Project Timeline

Direct Mail Campaign
"We Buy Houses" mailers distributed throughout Hillsdale
Seller Contacted Us
The homeowner reached out directly
Property Acquired
April 2025
Complete Renovation
October 2025
Leased
November 2025
Refinanced
December 2025
Current Status
Stabilized: fully occupied and professionally managed by Charger Property Management
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