1001 W 1st St, Muncie — inspection evidence & re-trade
For Dr. James Bogash · Goldpine Ventures, LLC · 8/2/2026 Complete Home + 7/27 Inspectify (incomplete)
$105,000 → $80,000 · cut on the note only
Unchanged for you: $6,000 cash at close · $500/mo · 2%. Note $99k → $74k. Balloon: successive 12-mo extensions while current (draft addendum). Full mid-point CapEx reserve from the report ~$33k; we’re not asking you to fund that out of pocket.
| Anchor | Figure |
|---|---|
| Public list (Zillow / Redfin) | ~$100,000 |
| Last transfer (12/2022) | $68,000 |
| County assessed (recent AA) | ~$81,000 |
| Contract price (current) | $105,000 |
| Proposed contract price | $80,000 |
1. Evidence — what the next operator will underwrite
Structure / envelope
2. Diligence timeline (why the package is late)
| Date | Event | Outcome |
|---|---|---|
| 7/27 | Inspectify / Kyrios — first whole-house attempt | Incomplete: 24 limitations; basement sealed; unit walk disrupted (person asleep in Unit 1; inspector left). Rebook required. Cost already spent. |
| 8/2 | Complete Home Inspections LLC — second full attempt (additional fee) | ~2–3" water; clogged toilet; clean-out open; furnace not fully inspected; garage locked. Written report issued. |
| 8/3 | Manager supplemental photos | Residual damp; furnace still on blocks; garage interior opened. |
3. CapEx reserves from the report (operator mid-points)
Not sealed bids. Same list any serious operator builds from this PDF.
| # | Item | Mid reserve |
|---|---|---|
| 1 | Dry-out / sanitize / re-photo after flood event | $1,200 |
| 2 | Plumbing: toilet, clean-out, snake/camera, sewer contingency | $4,500 |
| 3 | HVAC re-check once dry | $400 |
| 4 | House roof + chimney flash/rebuild above line | $9,500 |
| 5 | Garage roof + eave structural | $4,000 |
| 6 | Gutters / downspouts / extensions | $1,800 |
| 7 | Siding / fascia breaches | $2,200 |
| 8 | Brick/mortar spot repair + engineer letter if needed | $3,500 |
| 9 | Joist sister / repair | $2,500 |
| 10 | Electrical safety (weatherhead, GFCI, panel issues) | $1,800 |
| 11 | Life-safety / small items (rails, detectors, doors, walk) | $1,600 |
| Sum of mid-points (1–11) | ~$33,000 | |
| Proposed price adjustment (note principal) — negotiated vs full stack | −$25,000 → $80k price |
4. Proposed paper
Current
- Price $105,000
- Cash to seller $6,000
- Note $99,000 @ 2%
- $500/mo · residual ~$68.8k
Proposed
- Price $80,000
- Cash to seller $6,000 (same)
- Note $74,000 @ 2%
- $500/mo (same) · residual ~$40.1k
Balloon / refinance: successive 12-month extensions while note is current and notice is given — so monthly income continues if refi lags after CapEx. Uncapped-while-current in the draft; 5-year hard cap available if counsel wants a ceiling. Full text in draft addendum (discussion only).
Commission / PM fee: not part of this re-trade. If listing compensation is fixed by brokerage agreement, the note cut carries the inspection economics. Access/coordination failures on diligence are a separate conversation if useful later.
5. Bottom line
- You don’t write a repair check. Operator funds work post-close.
- An investor already walked on this PDF. Re-trade now or restart the same conversation with the next one.