Flip #5 - Bay Village, OH
I thought it would be fun to post progress as my wife and I flip house #5 from start to finish. I'm NOT posting this in "Success Stories" since the proof is in the pudding as they say and I don't want to assume success. Feel free to ask questions, I will do my best to answer in a timely manner. I may ask the BP Community for suggestions via this post as well.
Purchase Price: $125k
Rehab budget: $68k
Timeline: 4 months from close (9/30/16) to putting it back on the market
Target sale price: $225k-$250k
Net Profit: ? We went into this calculating a net profit (after commissions, taxes, holding costs) of about $20k. But here's my question to the BP Community tax experts: given the above, what net profit range is realistic and why? I will use this info to better calculate potential profit on future houses we consider for flipping.
SCOPE: new floors, cabinets, countertops (quartz), 8ft island with butcher block and prep sink, relocate powder room, add laundry room w/ stacked washer/dryer, new driveway, new vinyl siding (removed brick facade on front of house), new furnace/ac, paint throughout, carpet bedrooms, minor updates in bathroom, new front windows, new roof, update fire places, new appliance suite, fixtures, new lighting, updated electrical, some gutter and drainage work, new concrete patio to replace existing pavers.
I drew this floor plan using MS Visio. The focus of this flip is the kitchen as it will be the selling point of the house. Blowing out walls and adding headers to create the open floor plan buyers see on house-flipping TV shows and want. Existing skylight will light up prep sink area of the 8' island while (2) pendent lights will light the rest of it.
BELOW: Small and poorly laid out original kitchen. Fridge is around the corner, powder room behind fridge (not shown).
DEMO!
Below L-R: new powder room, laundry room; closed off side door and window to allow better flow of countertops along that wall.
We had to cut open the floor to access the furnace for replacement. An unexpected expense.
BELOW: new header in place. Knotty pine ceiling will be painted white. Beams will be stained to match new engineered dark floors. Chandelier will be replaced with modern one.
Let me know what you want to know and I will do my best to answer.