Flipping in Columbia Heighs and Perworth in DC

[Tiffany Chu]

Hi guys, 

We are new to Washington DC as investor. We been doing rehab projects in Honolulu over 10 years. We are very interested in the neighborhood like Columbia Height & Perworth. Or any other location recommend? 

Basic on my research some investor bought a property for $500K (50%) and spent $250K (25%) for renovation and $250k gross (25%). Property usually can ell around $1M. Is this pattern will work on DC or there are a lot of hidden rules and regulations need to pay attention. I totally understand it generally is location by location and house by house. 

[Russell Brazil]

Id say the formula in Petworth is more like purchase for $600-650k, put $200k into it, sell for $950k. Columbia Heights acquisition cost is higher. 20011 was actually the zip code with the 2nd most flips in Q3 this year with 15 being sold. 20011 includes Petworth and Brightwood.