Flip #1 - Newell Flip

NET PROFIT - $15,141

 

(Aug 2020) It's hard to put a finger on the most exciting aspect of this property...is it the spacious floorplan? The opportunity to convert 200+ sqft to a third bedroom, second bathroom, and more than 1,500 sqft house? The detached shed/workshop filled with treasures? Or the additional parcel of land that came with the house? Hard to say, but this is a first flip to remember.

(May 2021) Well, those words didn't age well. It certainly has been a first flip to remember, but not for happy reasons! Termites and wiring issues seemed like huge hurdles at first, but became just a small asterisk compared to the other problems associated with this flip. At the end of the day it got done and looked beautiful, but it sure was painful!

PURCHASE DETAILS

List Price: $102,000

Purchase Price: $92,000

Closing Date: August 13, 2020

Source of Deal: FSBO Zillow

Funding Source: Private Money

Size: 1,254 sqft (now 1,636)

Estimated Rehab Time: 4 weeks

Estimated Rehab Cost: $40,000

Estimated ARV: $194,000

Bed/Bath: 2br/1ba (now 3/2)

 

SELLING DETAILS

List Price: $225,000

Sale Price: $235,000

Close Date: June 1`, 2021

Total Flip Timeline: 292 days

Actual Rehab Cost: $90,581

 

BEFORE

 

Carport
Unfinished
LR1
Kitch3
Kitch2
Kitch1
DR1
Entry
IMG_7608
IMG_7616
IMG_7615
IMG_7638
IMG_7654

AFTER

 

18 Kitchen
21 Kitchen
23 Family Room
26 Family Room
31 Primary Bathroom
30 Primary Bathroom
35 Bedroom
41 Eating Area
42 Laundry Area
10 Front Porch
44 Exterior Rear
46 Exterior Side
06 Exterior Front Entry

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