Good Afternoon BP Members,
I'm close to closing a deal right outside of Flack Estates and I really want to flip it myself, but don't believe I'm quite ready for a remote flip from 1,100 miles away, especially a flip of this magnitude. That being said, I was curious if others thought this might be something they would be interested in or if they even thought it was a deal.
2,700 sq. ft
11,000 square foot lot
School district 27 Houston- Bellaire
Homes in this area are doing two things: 1) They're getting town down and built back up or getting a total rehab. In this case of this home, it needs EVERYTHING. New kitchen, floors, walls, bathrooms. It's a "down to the studs" sort of rehab.
Homes are selling and closing from 300k to 750k in the area. This home, fully finished out, should have an ARV of $615,000.
I was looking to sell my interest for around $355k. Am I way off base here or is this a good flip for someone?
If i can get an address I will run some numbers and let you know.
Rehab, for that ARV in that area with that size of home could be upwards of $150k, but i cant double check your numbers without an address to get a good comp.
Do you have pictures of the exterior to know what the elevation looks like. The market for the tear down new builds has softened a bit over there. If i cant do it, i may have a buyer in my 50k name list or our database of a few hundred that buy from us very consistently. But i like these high end properties, we have a few we are renovating right now over $1M.
Thank you for the quick response, Sam. I emailed you directly. Talk to you soon!