Fix and Flip Case Study - 2 Family vs. Single Family Flip

[Jonathan Bombaci]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $135,000
Cash invested: $18,295
Sale price: $330,000

Project Overview
1793 Main Street in Athol was a property we bought for $135,000. It was legally a two family, but it had been used as a single family for years. On paper, it looked like a strong opportunity. In reality, it became one of the more challenging projects we have done in the area. The primary challenge was dealing with extremely difficult tenants, which led to frequent police activity and even DEA involvement.

How did you find this deal and how did you negotiate it?

The eviction process was lengthy, and when possession was finally regained, the property had been left in very poor condition. Because access had been limited during tenancy, the full scope of needed repairs wasn’t clear until after they moved out, resulting in higher renovation costs than expected. At that point, the key decision became whether to restore the property as a two-family or convert and sell it as a single-family home.

How did you add value to the deal?

The Problem We Were Solving
After analyzing both options, the team determined the property could sell for about $350,000 as a two-family, but that would require significantly more work. A single-family renovation was simpler, with an expected sale price of $300,000–$330,000.
A key breakthrough came from knowing the property had previously been a legal two-family. we knew there should be another bathroom upstairs somewhere. When we started opening walls and cleaning things out, we found it.

What was the outcome?

The Result
This allowed us to restore the second bathroom relatively easily. Instead of selling it as a one bath home, we were able to sell it as a two bath single family, which made a big difference in value and buyer appeal. We ultimately sold it for $330,000. Even though the project took longer and cost more than expected, we had bought it right and protected our downside. We still walked away with a solid profit.

Lessons learned? Challenges?

Buying right gives you options. The fact that we knew the property’s history as a legal two family gave us confidence to look for hidden value. Market knowledge also mattered. Because we had already completed another project in Athol, we understood buyer demand and felt comfortable choosing the single family route instead of overbuilding it as a two family.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This deal could have gone very differently if it had been our first project in the area. Experience, local knowledge, and flexibility turned what could have been a bad project into a good one.