Running Diary of a 2-Family Flip in Southington, CT

81 Replies

@Bill Labrecque   and I closed yesterday on a 2-family flip in Southington, Connecticut.  As project progresses we will document the progress on this thread.

Here are some of the key numbers:

  • Purchase Price: $87,500
  • Rehab Amount: $45,000
  • ARV: 195-200k
  • Area: B+ (this is a great town w/ great schools and there are only 10-15 multi families that sell in this town per year)
  • Rents: 1st floor large 1 bedroom ($1000), 2nd floor large 1 bedroom ($1000)
  • 2 gar garage
  • Gas utilities
  • Taxes: $3451
  • Land: 0.33 Acres

Our plan is to fully rehab this property and sell it after the rehab has been completed.

We will be posting a scope of work here soon that will detail where the $45,000 budget will be allocated.

Here are some before pictures of the house

Here are some more before pictures

Here is our scope of work broken into draws.  As the project goes along we will provide consistent updates as to the specifics of the work being carried out according to the scope of work.  

Keep in mind this house is in Southington, CT and is a B+ area (a very desirable area to live) which has a big impact on the rehab and the way it is structured.

Draw 1

  • Replace 1st floor gas furnace
  • Install new gas furnace and ductwork for floor 2
  • Replace both hot water heaters
  • Plumbing repairs/modifications: water lines, waste lines, & relocate washer/dryer
  • Electrical repairs/modifications: relocate washer/dryer

Total Amount for Draw 1: $15,000

Draw 2

  • Remodel 2nd floor unit
  • Framing
  • Patch and Paint
  • Flooring throughout
  • Kitchen remodel: add cabinets, install granite countertops, backsplash, install appliances
  • complete bathroom remodel
  • Install new light fixtures

Total Amount for Draw 2: $10,000

Draw 3

  • Install vinyl siding
  • Paint exterior trim
  • garage repairs
  • front porch/walkway repairs
  • landscaping

Total Amount for Draw 3: $10,000

Draw 4

  • Remodel 1st floor unit
  • patch and paint interior
  • Flooring throughout
  • kitchen remodel: new cabinets, new countertops, backsplash, appliances
  • install new light fixtures

Total Amount for Draw 4: $10,000

Total Budget = $45,000

Michael:  looks like a good buy.  What's the wall demo from?  Was there a recent repipe?

it was probably some sort of leak that the bank fixed if I had to guess. 

What a great find! Was this one off the MLS?

We met with the plumber, electrician, and HVAC contractor the last couple of days to go over what we are looking to have each of them do.

Next week the electrician will be starting his work on Monday, the HVAC company on Tuesday, and the plumber on Thursday.

Our goal is to get all of the work outlined in Draw 1 done next week.

The week of the 11th our contractor will start on the remodeling of floor 2, then he will address the outside work, and then the remodeling of floor 1.

We are 100% outsourcing this project.

Can you please tell me if this house is worth getting into?  I am not sure if its in a good neighborhood

236 LONG HILL RD, WATERBURY, CT 06704

@Nelya Mushiyeva Waterbury is a very street by street, house by house kind of city. I highly recommend working with someone who specializes working in that city if you are thinking of doing business there.

Project Update

Today is day one of the project and the electrician will begin his work today.  The scope of work I included earlier in this thread is pretty general, but here is exactly what the electrician will be doing today.

  • Install outlets for washer and dryer in first floor apartment
  • Install circuit for furnace in attic
  • Install circuits for counter top GFCI and dishwasher
  • Demo electric heat in 2nd floor apartment

Project Update

  • The electrician finished his work yesterday
  • The water is going to be turned on from the street tomorrow by the town

Plumbing Work

Once the water is turned on our plumber will begin to do his work on Thursday which includes:

-De-winterize the property.

-Fix any and all cracked pipes if there are any.

-Remove and cap a washing machine hook up in the 1st floor kitchen

-Add a washer supply and drain to the new 1st floor laundry room

-Install a new shower diverter with controls in the second floor shower

-Add a supply and a drain for the second floor dish washer. 

HVAC work

The HVAC techs will be at the house Thursday and Friday and will be doing the work outlined below which comes straight from the contract we signed with them

The installation of (2) gas furnaces & (2) gas water heaters.

WORK SHALL CONSIST OF:

We shall remove and replace the 1st floors gas furnace. A new gas furnace will be installed in the attic for the 2nd floor and includes all new supply and return duct work. We shall also remove and replace the (2) existing water heaters. All necessary gas piping, duct work, registers, flue piping, thermostats, 5" aluminum chimney liner and supports are included. The systems will be started and tested for proper operation. The electrical wiring is not included.

@Michael Noto - did you go with an 80% unit in the attic? It's cheaper and you won't have to deal with condensate line.

Project Update

  • The water was turned on today by the town and was a success
  • Tomorrow the plumber will be coming to do all of the work outlined in the previous post
  • The HVAC guys will be starting tomorrow as well installing the 2 new furnaces and 2 new hot water heaters

**Below are pictures of the work the electrician completed**

Project Update

  • The plumber finished most of his work today and will be back tomorrow to finish
  • The HVAC contractor was there the last couple hours of the day today and will be there the full day tomorrow and will continue working to install the 2 furnaces and 2 hot water heaters
  • We confirmed with our contractor who will be doing the entire interior remodel and exterior siding that we will be ready for him to start on this Monday the 11th.

Here is a picture of the furnace that is in the attic and will be feeding the 2nd floor unit.  The techs will be going back to their shop to construct the duct work needed for the 2 installs and will be back early next week to continue working.

Project Update

  • the plumber will be back on Thursday to finish up his work
  • the HVAC contractors continued on their work which consisted of installing the 2 furnaces and 2 hot water heaters
  • Our main contractor who is handling the interior rehab and the siding started their today too.  Among the work they completed was the demo in the living room.  This apartment was originally a 2-bedroom apartment and the bedrooms were very small.  We decided to knock down the wall in between the 2 bedrooms (which are off the kitchen) and will be making that the living room.  Our plan is then to make the back room the bedroom which was previously used as a living room.  We also opened the wall a bit going from the kitchen to the now living room as well.

In the pictures below you see the following (in order of the pictures):

  • the view from the kitchen to the living room
  • the opened up living room off the kitchen from 1 end
  • the opened up living room from the other end
  • the room that was the living room that will now be the bedroom.

Another quick update and progress pics for our 2-family flip in Southington, Connecticut

Today's Progress

  • The bathroom on the 2nd floor was completely demoed
  • The plywood for the sub floor for the tile for the 2nd floor kitchen and 2nd floor bathroom was laid today
  • Our contractor also finished opening up the area going from the kitchen to the dining room
  • Plumbing wise the 1st floor washer dryer hookup was completed as well as some other plumbing issues

Here are some pictures of the progress from today

Project update for our 2-family flip in Southington, CT.  Just a reminder that this is a conventional fix and flip so this property will be for sale once it is completed.

  • Below is a picture of the progress made on the bathroom
  • All of the subfloor for the tile install was finished
  • Today we went and picked out the ceramic tile we will be using in the kitchen, bathroom, and hallway and that will start to be installed tomorrow.
  • Also today we had one of our in house guys reinforce the back steps and replace some spindles on the steps that go from the 2nd floor to the ground.  We figure with the amount of foot traffic going up and down those steps from the contractors that now was the best time to get that done
  • Our granite supplier works about 10 days out so we went today and picked out the granite we will be using, which will be St. Cecilia (I put a stock picture of what that looks like below as well
  • Lastly, along with the interior work on the 2nd floor being continued tomorrow, the plumber will be back to finish his work which will largely consist of de-winterizing the property completely.

Thank you @Camille Pronovost

We have used St. Cecilia granite on some of our other flips and people seem to like it.

  • Purchase Price: $87,500
  • Rehab Amount: $45,000
  • ARV: 195-200k
  • Area: B+ (this is a great town w/ great schools and there are only 10-15 multi families that sell in this town per year)
  • Rents: 1st floor large 1 bedroom ($1000), 2nd floor large 1 bedroom ($1000)
  • 2 gar garage
  • Gas utilities
  • Taxes: $3451
  • Land: 0.33 Acres

The scope of the work looks well planned.  I am interested  in the comps in your area for this  1 bedroom duplex.   Are the comps  $200,000?  We purchased a 3 bedroom Duplex in Bristol with attached garages,  It  rents for $1,100 an apartment,  It is a much newer house approx 12 years old.  Our Bristol house is in  near perfect condition and it appraised for only 200,000.  So is Bristol and your town comporable  towns.  Your house  is only 1 bedroom apartments so it appears that your town  must rank better then Bristol?    If the comps in your town for a 1 bedroom duplex run $200,000,  it must be that your town ranks over Bristol?    I haven't been able to figure out Conn yet so I would appreciate your expertize.  

@Barbara G. Bristol is not a bad town by any means, but Southington is more desirable overall to live in. 

Better schools, virtually no crime in Southington and it is more conveniently located to highways as well. 

There may only be 10-15 apartments period for rent in Southington (sometimes less) at any one time. 

Southington overall is a B+/A rental market where there are no areas to stay away from while Bristol varies based on location within the city from C to low B. 

Project Update

  • The plumber finished de-winterizing the house today and also installed the washer/dryer hookup in the basement for the 2nd floor unit.
  • the work continued in the bathroom and the closet was added to the bedroom (which used to be used as a living room).
  • We met the HVAC contractor later in the afternoon just to give him clarification on where we wanted the new hot water heaters to be installed

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