Possible Flip in Houston -- Outside of Bellaire

2 Replies

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. 

Flack Estates 
4/2/2
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. 

Photos

https://drive.google.com/folderview?id=0BwlZe2UC_7...

Neighborhood

http://www.realtor.com/local/Flack-Estates_Houston...


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.

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