Carousel by Ricky Beliveau

@rickyvolnay · September 17, 2026 · Location: Winchester, Massachusetts

Photo by Ricky Beliveau on September 17, 2026. May be an image of text that says '3 3MYOPIA.WINCHESTER MYOPIA WINCHESTER DEAL DEAL#042•2023 #042 DEAL#042·20 2023 PRICING COST US 13.8 POINTS OF IRR A GREAT HOUSE. AN EXPENSIVE LESSON. 16-MONTH HOLD JUN 2023- OCT 2024 $150K PROFIT 20.7% CASH-ON-CASH አ 16.1% IRR 1.21x MULTIPLE VOLNAYCAPITAL #HISTORICALDEAL DEAL 042'.

Photo by Ricky Beliveau on September 17, 2026. May be an image of lighting and text that says '3 3MYOPIA-WINCHESTER MYOPIA WINCHESTER DEAL#042.2023 DEAL#042 DEAL #042• 2023 THE ACQUISITION PURCHASED JUN 2023 -$2, $2,300,000 A full single single-family family renovation in Winchester. The plan: gut it, elevate and sell within 12 months. Total project cost: $4,160,000. 1/6 VOLNAYCAPITAL #HISTORICALDEAL DEAL 042'.

Photo by Ricky Beliveau on September 17, 2026. May be an image of lighting, kitchen island, range hood, countertop, indoors, kitchen and text that says '3MYP 3MYOPIA.WINCHESTER 3 WINCHESTER DEAL #042 DEAL#042.2024 DEAL#042 2024 o 복양에전는터더 THE BUILD CONSTRUCTION RAN OVER. Brass fixtures, marb le counters, custom millwork throughout. It came out beautifully but construction costs ran over budget, eating into the margin before the house even hit the market. 2/6 VOLNAYCAPITAL #HISTORICALDEAL DEAL 042'.

Photo by Ricky Beliveau on September 17, 2026. May be an image of text that says '3 3MYOPIA.WINCHESTER MYOPIA WINCHESTER DEAL DEAL#042 DEAL#042.2024 #042 2024 IT THE MISTAKE LISTED AT $5.2M. IT SAT. We priced it too 00 high out of the gate. Three extra months on market, $69,000 $69, 000 additional carrying costs, before repricing down and finally selling for $4,500,000. That single mistake cost us roughly 13.8 points of IRR. 3/6 VOLNAYCAPITAL #HISTORICALDEAL DEAL 042'.

Photo by Ricky Beliveau on September 17, 2026. May be an image of lighting, door, window and text that says '3MYOPIA-WINCHESTER 3 MYOPIA WINCHESTER DEAL DEAL#042.2024 DEAL#042 #042• 2024 THE CORRECTION REPRICED. SOLD. Once we got the number right, the house sold. The quality of the work was never the problem - the opening price was. 4/6 @VOLNAYCAPITAL #HISTORICALDEAL DEAL 042'.

Photo by Ricky Beliveau on September 17, 2026. May be an image of text that says '3 MYOPIA WINCHESTER DEAL DEAL#042.2024 #042 2024 THE LESSON WHAT PRICING IT RIGHT WOULD HAVE MEANT. ACTUAL Hold LISTEDAT$5.2M Profit IF PRICED RIGHT 16 16months DAY ONE Hold Cash-on-Cash Cash $150,000 IRR Profit 20.7% 13 months 16.1% Cash-on-Cash $219,000 IRR 30.2% 2% 30. 29. 29.9% 9% -13.8 -13.8ptsofIRR•-$69Kproff pts of IRR• -$69K profit THE REAL COST OF MISPRICING BY $700,000 ኢራ @VOLNAYCAPITAL @VOLNAYCAPITAL #HISTORICALDEAL DEAL 042'.

Ricky Beliveau@rickyvolnay

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Deal #042. A great house. An expensive lesson. 🏡 June 2023. 3 Myopia, Winchester. A full single-family renovation. Purchase price: $2,300,000. The plan was straightforward — renovate it, elevate it, sell it within 12 months. The renovation itself came out beautifully. Marble counters, brass fixtures, custom millwork throughout. Total project cost: $4,160,000 — construction ran over budget, which ate into the margin before the house even hit the market. 🔨 Then we made the mistake that actually hurt this deal. We listed it at $5.2 million. It sat. 📉 Three extra months on market. $69,000 in additional carrying costs. We eventually repriced down and sold for $4,500,000 — a fair number, one we probably should have started at. Here's what that pricing mistake actually cost us: 13.8 points of IRR. Nearly cut our return in half. WHAT HAPPENED: 🏠 Purchase: $2,300,000 (Jun 2023) | Equity: $725,000 | Total cost: $4,160,000 🔨 Construction ran over budget 📉 Listed at $5.2M, sat 3 months, cost $69,000 in extra carry 💰 Repriced, sold: $4,500,000 (Oct 2024) 💎 Profit: $150,000 📊 Cash-on-cash: 20.7% | IRR: 16.1% | Multiple: 1.21x | Hold: 16 months If we'd priced it right from day one: 13-month hold, $219,000 profit, 29.9% IRR — nearly double what we actually got. The house was never the problem. The number was. #RealEstateDevelopment #BostonRealEstate #Winchester #homerenovation