Lafayette, LA Success Story #5
Wanted to share by success story of a recent flip here in Lafayette. Bought the home for $117,500 3 bedroom, 1.5 bath. The property was a typical 1960's home unimproved since the original owners took over. These are the types of properties that we love to see because we can bring them back from the past!
Construction was estimated to be around $70,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. We added a shower to the master bath (1/2 bath originally) to maximize the value in the home. Final construction budget came in at $63,000.
Decided to list the home at $249,000 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The day before we went live on the MLS, we had an offer... a sellers dream world! We accepted the buyers price of $248,000 without hesitation!
Breakdown:
Sells Price - $248,000
Purchase Price - $117,500
Construction - $63,000
Commission - $12,400
PROFIT = $55,100!