Lafayette, LA - Success Story
Wanted to share by success story of a recent flip here in Lafayette. Bought the home for $104,000, 3 bedroom, 2 bath as a foreclosure. The previous owner must have been upset about his/her loss because there were holes in almost every wall, lights pulled from the ceiling, appliances damaged, etc. These are the types of properties that we love to see because we can bring them back from awful to great!
Construction was estimated to be around $30,000. Almost everything was touched inside and outside of the house: electrical, floors, cabinets, tubs, drywall... you name it. Final construction budget came in at $34,000 (13% overage).
Decided to list the home at $167,000 based on the comps, location, etc. This area is a valuable one due to the great school zone. Within 3 days, we had 8 offers, a sellers dream world! We ended up getting an offer of $170,000 and without hesitation accepted! Over ask, fantastic.
Breakdown:
Sells Price - $170,000
Purchase Price - $104,000
Construction - $34,000
Commission - $8,500
PROFIT = $23,500!