Woodstock, GA Value Add Flip $60K+ Profit (Analysis)
We bought this outdated 3BR 2BA SFR in Woodstock, GA on Januaryry 27th 2017 off market through an agent who we networked with in 2016. We paid $105,000 Cash for the house.
Demo started on February 1st and took 47 days to completion. We added a bedroom and a full bathroom and laundry room to the basement. This value add made the property 4BR 3BR.
Our comps in the neighborhood were between $180K-$195K. By adding an extra bedroom and bathroom we decided to push the comps and list at $225K. We got multiple offers withing 24hrs of listing and accepted and offer of $230K. We were not sure if the house would appraise or not for so much above the available comps in the area but thankfully it did!
Here are some detailed numbers for you to see regarding the project. We had initially budgeted $45K for the rehab but actuals came in at around $50K. What put us over the budget was using higher end finishes to justify the high list price and also we did not expect to install new HVAC system (3.8K) which was requested by buyers.
Images of the project can be seen here (click here) > Rehab Final Images
Check out some before and after pics below. If you have any questions regarding the project let me know, will be glad to answer for you. Also leave a comment about your favorite aspects of the re-design or what you would have done differently.