Investor · Waynesville, NC · Member since 2014 · 408 posts · 121 votes
My last flip (see diary here) finally wrapped up a month or so ago and is now on the market, so its time to start another. This house is in the beautiful Blue Ridge Mountains in a small town called Waynesville NC. It has a view to die for and has a nice layout, so it should be a good one. Here are some numbers:
3 bed 3 bath 1300sf with big finished basement that will add another 1200 of so sf
Purchase Price: $109,900
Rehab Estimate: $48k
Acquisition/Holding Cost Estimate: $11,000
ARV: $225-250k
I just closed on this one late last week and am hoping to be done in about 3 months. Here are some pics:
Investor · Waynesville, NC · Member since 2014 · 408 posts · 121 votes
11y
Here is an update on this flip. It is just about to finish up and hopefully be on the market within 2 weeks. The project is going very nicely, and I am under budget so far. As long as nothing surprising pops up towards the end, we should be under budget.
New Deck:
Floors sanded down:
Basement freshly painted and carpeted:
Master bedroom in basement
And just a pic I snapped one morning from the from the deck. It was foggy in the valley, so it almost looks like an ocean. It is truly a beautiful location!
Investor · Apex, NC · Member since 2014 · 340 posts · 188 votes
11y
Austin Lee
I am super jealous of that view. As an app state alum I see that last pic and want to immediately go relax on your porch.
What kind of DOM do you have out there and what does the buyer look like? (Vacation home, owner occupant, buying for vacation rental)
Best of luck.
I'm hoping the DOM will be 60 days or less. It is most likely going to be a second home, but is located in a spot that will work well for a local as well. I feel like if I don't get it sold by the end of October I will have to sit on it until Spring. Hopefully that won't happen, but it was a consideration when I bought it, so I have planned for a long hold if necessary.
Investor · New Midway, MD · Member since 2015 · 36 posts · 20 votes
11y
Where did you get the vinyl (maybe aluminum?) covering that goes on the ceiling of your porch? It is in the picture under "New Deck." I am looking for the same item and I cannot find them anywhere.
That is vinyl soffit. It was on the house, but you can get it at Lowe's or Home Depot. They actually used a combination of triple vented and solid. Below is a link to them at Lowes. You have to buy the 12' pieces and cut them to whatever your soffit overhang requires. You also have to buy the J-channel and F-channel to hang it. I hope that helps!
Investor · Waynesville, NC · Member since 2014 · 408 posts · 121 votes
11y
I almost forgot to update this post! The house is finished and is now listed for sale. Now the only hurdle left is getting it sold before Winter. Wish me luck!
Investor · Hayesville, NC · Member since 2015 · 26 posts · 9 votes
11y
Looks great @Account Closed. Glad to see that WNC can/will support RE Investors. As I know the area seems to trickle behind mostly bigger markets I read about here on BP. Keep up the great work!
Investor · Suffolk, Norfolk, Virginia Beach, Chesapeake, VA · Member since 2014 · 2 posts · 1 vote
11y
This has been fun to follow. I appreciate your including Pics. Thank you for posting. @Austin Lee
How did you come up with a realistic ARV? It must have been a little challenging given the location. Meaning it is not in a so called community or subdivision.