SFR Fix & Flip in Richmond, VA

6 Replies

Investment Info:

Single-family residence fix & flip investment in Richmond.

Purchase price: $255,000
Cash invested: $40,000

This property was acquired off-market from a local wholesaler. Owner occupied brick rancher (3/1.5) in excellent condition with original hardwoods, new HVAC, vinyl windows and encapsulated crawl. Renovations were mostly cosmetic and took two months to complete. We plan to list on 8/4 for $339k.

Congratulations.   I just moved to the area.  Couple more weeks of updating my new primary and I’m in the search. 

Hi all! Thanks for the encouragement. We ended up receiving a cash offer waiving inspection and appraisal with a two-week close for $320k. Not ideal but long story short a similar house on the next street was listed at $305k the day after we went live, our open house was completely rained out and a few other things (staging, half bath) contributed to a low number of offers. Also, we may have jumped the gun on dropping the price to drive traffic. In the end, it did generate two offers but I think we should’ve waited at least 7 days against the advice of our realtor. I inserted the link to the listing.. open to feedback. Hope everyone is thriving! Thanks again!

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