Fix 'N Flip - Portland Bungalow
Living Room
Investment Info:
Single-family residence fix & flip investment in Portland.
Purchase price: $375,000
Cash invested: $168,141
Sale price: $585,000
Full rehab of 1910 bungalow in desirable Richmond neighborhood
What made you interested in investing in this type of deal?
This was my first attempt at a fix & flip property.
How did you find this deal and how did you negotiate it?
Bank-owned property purchased on the MLS.
How did you finance this deal?
Property/rehab was purchased all cash with the exception of a small hard money loan.
How did you add value to the deal?
Converted home from a 2 bedroom/2 bath to a 4 bedroom, 2 bath with optional 5th bedroom/bonus room in the basement.
What was the outcome?
Rehab turned into a bigger project than anticipated. In addition to a full repipe, property needed full rewiring. We also moved HVAC to attic to make additional room in the basement. House turned out better than originally imagined.
Lessons learned? Challenges?
Home was purchased without a driveway/garage. This normally wouldn't be a huge issue in Portland, but due to the extensive remodel we were in a higher price point where buyers demanded a driveway/garage. Above grade bedrooms were also very small and additional bedrooms were added to the basement which was less desirable for buyers. Next time, I would not remodel a home without at least 3 bedrooms being above grade (main floor or attic).
