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Purchased a 524 SF (marketed at 398 SF, per tax records *verify by measuring!) studio condo unit, formerly occupied by a hoarder (had been cleared out but smelled bad and every surface needed attention). Found it on realtor.com, selected my zip code and lowest price property. Sat on market 60+ days, negotiated price down by 40%+ of original asking. Needed entire gut - remodeled bath (new toilet, bath fixtures, marble top vanity, subway tile, paint, shelving in closet, tile floor, accessories, lighting), replaced electrical panel (unplanned/unbudgeted $1900 expense), fit a full kitchen in 85" - 20" glass top range, 18" dishwasher, 23" stainless sink with disposal, 24" refrigerator...upper cabinets, added a 36" lower cabinet to create storage and overhang for dining, granite countertops, added closet system in walk in closet, slate tile flooring in front of kitchen area, carpet throughout, lighting in kitchen and main living area, a few more details -- total invested $101K, sold for $139,000 - net , profit after 5% RE commission $30K+ - in/out in just under 6 mos. Delay finding contractors (*build a team first), could have cut 60 days off that knowing what I know now. Was pretty hands on, learned a lot. HOA was pricey, included all utility costs. Had some fun, new owner is happy with it - good solid condo community.
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