We closed on a single family flip this past Tuesday (June 23rd). We will be posting the progress of this flip here on BP. Here is a breakdown of some of the key numbers.
- Purchase Price: 85k
- Rehab amount: 31k
- Beds/Bath: 4/1 (which will be turning into a 3/2)
- Type of house: 1400 sq ft colonial
- Location: Plainville, Connecticut
- ARV: 190-200k
On the next post I will detail the scope of work and I will be posting some before pics later today as well.
Below is the scope of work for the $31k budget for this project. Most of the rehab for this property is cosmetic. The roof, furnace, and most of the windows have been updated in the last 5 years.
This home was not a foreclosure which is definitely a change for us in a very good way. There is not the unknown of the water not turning on, the pipes bursting, the outside not being cared etc. The home is just really outdated which is what most of the budget will be focused on.
Hook up 2nd floor heat
Complete 2nd floor bathroom
Replace 7 windows
Patch and paint walls
Install new flooring
Install kitchen cabinets, countertops, backsplash, and appliances
Yard clean up
Total : $31,000
Here are some before pics of this project. Any of the demo work you see has been done by our guys since we closed this past Tuesday.
That's awesome! I cannot believe you pulled off a flip in CT for so little? We just finished two projects, both ended up going over 150! Wildly jealous! But happy to see another CT investor!
Great progress Michael, I'm also from the area & getting my feet wet. Would you mind sharing where you found this property? Was it MLS listed? Thanks and looking forward to your progress.
@Pete Brandi Yes. It was listed on the MLS.
Tagged. Looking forward to following your progress!
@Michael Noto Fairfield county. Primarily Fairfield, Norwalk, Stamford, but I go as far as Danbury/Brookfield, Trumbull/Monroe, and Darien. I am about to close on something all the way up on the eastern side of New Haven county, but that is a first (and we will see depending on how it goes) if we keep pushing eastward.
@Travis Lloyd From Waterbury (not in Waterbury though) to Vernon on the I-84 corridor, from the northern Connecticut border along 91 down to Wallingford and all of route 9 from Middletown (including Middletown) north.
@Michael Noto I have some friends (non RE people) up in Middletown, and I personally think wallingford is beautiful! A bit too far to get my company into at the moment, but I would love to push up to wallingford eventually.
What do you think of the Middletown rental market? Stronger for multis or SFH rentals?
@Travis Lloyd Definitely multi-family rentals as opposed to single family rentals in Middletown. In general in this area of CT it is hard to make the numbers work for SFH rentals in areas you would actually want to own one in.
The multi family rental market in Middletown is very strong because you attract renters from east and west of the river, and it is a more than reasonable commute to Hartford or New Haven from there.
I went to HS in Wallingford. Definitely a good spot.
Wow, @Michael Noto . That's awesome that you were able to pick up a property so cheap in CT, especially on the MLS. Now, find one for me ;)
That's the goal @Meghan Reed !
Update on our single family flip in Plainville, Connecticut
- So far since we bought the property we have had one of our in house guys at the property doing a lot of the demo work which included the demoing of some walls, removal of old wallpaper, and the removal of wood paneling. This will allow our contractor to focus on more nuts and bolts work rather than demo and prep.
- Today our in house guy is running outlets and lights for the upstairs of the house which to our knowledge has not been lived in since at least 1978. He is a licensed electrician which helps in these cases where we need electrical work done.
- Our plumber will be out to do the preliminary plumbing work tomorrow that will be needed to put a 2nd bathroom on the 2nd floor of the house
- Also starting on Wednesday, our main contractor will start his work at the property and will work on the 2nd bathroom, installing the new windows on the 2nd floor, and will generally be focusing on the rehab of the 2nd level.
Looking forward to seeing the progress on this!
Nice Work @Michael Noto !
Great pick up, looking forward to the rehabbed pics/numbers.
Project update for our single family flip in Plainville, CT
- The plumber came on Wednesday to do the preliminary work needed for the 2nd floor bathroom to be built out
- Our contractors came out yesterday and today and their main focus is to take care of the 2nd floor rehab first. That includes the stalling of windows, prepping and painting the walls which includes putting up sheetrock in some areas and lastly the building out of the bathroom which we feel will be a major upgrade
- In general, the contractors we have working this job are our "A" squad. So we expect the craftsmanship to not only be better than average but for the work to be done in a timely fashion as well. Flat out, these guys always do quality work and we are pumped that the numbers worked on this one where we could hire them to do a majority of the work.
Project update for our single family flip in Plainville, Connecticut
- the work continues on the upstairs. All of the electric has been run for the outlets in the 2 bedrooms on the 2nd floor as well as the bathroom.tub
- the tub has been installed and the guys have done a ton of work to get the walls cleaned up and primed in the 2 bedrooms
Progress update for our single family flip in Plainville, CT
- The plumber will be back out tomorrow to finish his work in the new 2nd floor bathroom. After he does, the insulation and drywall will go up and the rest of the bathroom will be completed
- All of the walls on the the 2nd floor, the downstairs hallway, and the downstairs bedroom are prepped and ready to be painted. The painting will start with the trim tomorrow and go from there.
- We also have one of our in-house guys connecting the heat up to the 2nd floor. The upstairs hasn't been lived in since 1978. The heat is in place up there, just needs to be reconnected
- We were pleasantly surprised by a quote we received today for the carpet that will be installed on the steps going from the 1st to 2nd floor and as well as in the 1st and 2nd floors bedrooms (3 total). The area that needs to be carpeted is 672sq ft and the installer (who we already know does good work) is going to charge us $300 to install. We just have to buy padding and obviously the carpet. Good deal as far as we are concerned.
Update on our single family colonial flip in Plainville, CT
- The plumber came yesterday and finished his work that needed to be done in accordance with the 2nd floor bathroom. Now that his work is complete the rest of the bathroom will be completed.
- Our in house guy is almost finished connecting the heat for the 2nd floor
- Our main contractor has all of the walls on the 2nd floor primed and will begin painting this upcoming week and be done by Friday
- The window delivery is expected on Wednesday of this week
- The carpet guy will be out a week from Sunday to do all of the necessary carpet work.
Our goal is to have our HML come out next Friday to inspect the work for the 1st draw and with the way this project is going it shouldn't be to long after that for the 2nd draw.
So far on this project we have been very happy with the overall quality of the work and have no reason to think why it will not continue.
When you surround yourself with professional people you generally will get professional results.
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