Lafayette, LA - Success Story #2
Wanted to share by success story of a second flip here in Lafayette, LA. Bought the home for $87,000, 1329 sq ft, 3 bedroom, 1.5 bath as a succession purchase. The family indicated to us it was the first house on the entire street dating back to 1965. After looking under the carpets and paneling, we found pristine shiplap on the walls, ceiling and original hardwood floors... we immediately choose a cottage modern style for our design. We kept as many walls exposed as possible except for the areas where we moved walls to make the house function properly. Also, we made the 1/2 bath into a full, master bathroom increasing the value of the home!
Construction was estimated to be around $35,000. Almost everything was touched inside and outside of the house: electrical, floors, cabinets, tubs, drywall, septic, plumbing... you name it. Final construction budget came in at $40,000 (14% overage).
Decided to list the home at $159,900 based on the comps, location, etc. This area is a valuable one due to the great school zone. Within 4 days, we had 3 offers, a sellers dream world! We ended up getting an offer of $163,000 (with $3,000 towards closing) and without hesitation accepted! Over ask, fantastic.
Breakdown:
Sells Price - $163,000 (minus $3,000)
Purchase Price - $87,000
Construction - $40,000
Commission - $8,150
PROFIT = $24,500!
Timeline - 2 months to renovate, 4 days on market.
Thanks for your time - WH Renovations, LLC