Single Family Rehab in Goose Creek SC
5th acquisition in the books, and my 3rd personal buy and flip. 121 Elmora Ave in Goose Creek SC. All pictures of the property at at the end of the post.
This is a 3 bed, 1.5 bath home in a neighborhood that was built in the 60s and has been vacant for the last 18 months. This house happens to be on a really nice street in the neighborhood, the neighbors really take care of their properties. I had the neighbor next door walk up and thank me for buying this house and fixing it up because it's been such an eyesore for the last two years and that felt pretty good. One of the houses two doors down the street looks a little shabby with the owner keeping a lot of stuff in his front yard but for the most part they look like the properties I share below. This is going to be a straight fix and flip.
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This is by far the most extensive rehab I've taken on to date. After we got this under contract I was actually losing sleep because of how daunting this property is. Our rehab budget is roughly $46/sqft which is the most extensive I've done to date. After I met with two different contractors, a property inspector and termite inspector, and firmed up our numbers I felt a lot better about the deal. We spent a LOT of time on the front end of this getting our scope of work finalized, a definitely learned a lot there taking on a project this big. Estimated completion of the rehab is the middle of August.
Here are the numbers for the project:
Purchase price: $51,000. seller originally wanted $75,000. After we walked the property together and I help him understand everything that would go into making this property market ready we reached an agreeable price.
Rehab: 55,000
ARV: 162,000
Financing: Private money lender financing purchase price and rehab. 12% interest rate with a 1% origination fee and interest only payments for a 3 month minimum.
Almost every major system and structure is getting attention on this property. Luckily it does not have any active termites but there will be some structural work in the crawlspace due water damaged joists. The roof and HVAC are being replaced. We are going to take the interior all the way down to studs and replumb the house. In addition to this, the washer and dryer hookup were outside in a little storage area in the carport and we will be moving those inside. The plumbing is old copper piping from the 1960s and we figured a replumb would be better than dealing with all the pin hole leaks. Every bit of the interior will be updated and we are taking out a wall that separates the kitchen/dining from the living area to open it up. In order to accomplish this we are moving the electrical panel that is on that wall to another location inside the house. We're replacing all of the windows as well.
Thanks for reading! I'm sure I'm leaving out a lot of details so if you have any questions let me know!
Here is the property from the front:
Here are some pictures of the interior:
Here is a couple pictures of the neighbors property so you can see what comparable homes look like.