My first SFR rehab is in the books!
Friday we closed (as sellers) on our first SFR rehab. Enjoyed the experience and there were not a lot of surprises. We had looked at rehab opportunities for a couple of years but the numbers never seemed to work especially with the "unknown" factor. We decided to pull the trigger with what we thought would worst case scenario we would break even so we could at least get one under our belt. We are not able to report that we made $187M and I now after a recent post it turns out we may be financially dumb for flipping (just kidding), but we definitely enjoyed the process and were able to make a little money in the process.
The house: Here are some before and after pictures.
The numbers:
Purchase Price - $78,000
All in Cost - $53,376
Sale Price - $157,000
Closing related costs - $8,927
Profit - $16,697
Return on investment - 12.7%
