Found my first flip
Man did I find a deal. A cape built in 1900 that has had a new basement poured and a new 200amp electrical service.
It needs a new kitchen, 2 bathrooms, the entire upstairs is empty to the studs, the downstairs needs to be sheetrocked, some remodeling downstairs. Not long ago the house was jacked and leveled.
I've had a couple friends that have been flipping for years look at it and they both come up with a price of $35-$40K to fix it up.
There are some legal issues that have to be addressed first cause there are a bunch of heirs to the property.
With that said the price on this house is....are you sitting down???
$10,000!!!!!!!!!!!!
Another big downside is that the neighbors house is a !@#$%^ pigstye. However that house is on borrowed time and I'm pretty sure isn't going to be around a whole lot longer.
If I waited for that house to go away (5 years or less) my flip would go from a finished value of about $80K to around $110,000.
But I really don't want to wait on this. I'd like to buy it, fix it, flip it and move on.
I'll try to get some pics and video so you can check it out.