Any experienced flippers in 30310, ATL? I got a property I'm considering putting an offer on but need I a little help getting an estimate for repair cost. It's a full gut job or knockdown. 2/1 1064sqft, on a little less than a 1/4 acre lot. If you've flipped in this area what has been your reno cost per square foot? The seller is asking $165k which I know is way too high for me to make a decent profit. I am open to any other advice as well.
you're looking at at least 75-80 bucks a square foot for full gut job in the A right now. 165k for a 2 bed 1 bath, barely 1000 square ft home that requires a full gut in 30310 is a bad bad bad deal.
@Duane Alexander Thanks Duane, I agree that number is way way out there!
@Duane Alexander What would be your MAO for something like this?
What’s the address? I’ll comp it out and let you know where I’d be at on it.
Venetian Hills is very different from West End. The year the house was built also matters. If it's built after 1935, you don't have much to work with ... it's like a new build. Also, Oakland City and West End have 'Historic Districts' which govern what can be done.
@Justine Veal . If you're wholesaling it, then I'd use @Duane Alexander 's numbers. However, I'd suggest looking at 'new build' numbers for pricing the property with seller and for ARV. 1000sf is obsolete and would need a substantial addition. Be sure to evaluate whether it's an attractive lot.
For full Guts I’m around $60 a square foot. Right now though good deals are hard to find. Most investors are pivoting towards 2nd floor additions to get a decent profit or new construction, but those are about $150-$250 a square foot due to all the work involved and your level of finishes.
Your best bet is to try areas outside of the 285 perimeter or go direct to seller.
@Rick Baggenstoss Thanks so much for your advice, it really helped!
@Ricardo S. Thanks, you all have given a lot to work with. I appreciate it!