New flip opportunity - does it make sense - help me review
This is a flip project - 4 months buy repair and ready to sell. Assuming 6 months for the estimates bellow.
Want to know if I am missing something ... advice welcomed.
BTW - need hard money for this one if you have advice on this - welcome it is.
Target purchase price: $230K
ARV: $360K (maybe a bit more)
Acquisition estimate:
Price: $230,000
Closing cots (1%): $2,300
My commission will be rolled into the deal (3%): -$6,900
Total Acquisition cost: $225,500
Repairs (it is a 3/2 with) 1488 sq ft
- Kitchen Cabinets: $15,000
- Floors ( a descent ceramic): $4,000
- Painting and baseboard. $5,000 - inside + outside
- Windows (10 windows): $10,000
- Light fixtures: $1,000
- 2 baths (small baths): 6,000
- doors: 1 main door, 2 exterior doors and 5 interior doors: $2,000
- Driveway reseal, roof cleaning and elastomeric coating (flat concrete tile): $3,000
- garden and sprinklers (they appear to be OK but need minor tuneup): $3,000 - 8500 sq lot. mainly re-sod and some shrubs.
- a/c: $2,500
- Appliances: $3,000
- permits and inspections: $1,000
we are looking for at 75 ARV hard money: $270K
Carrying cost for 6 months: 13,500 at 10% interest
Utilities for 6 months $1500.
TOTAL COST: $294,400
The sale:
Expected sale price: $360,000 (on the lower end)
Closing cost + commission: (5%) - i am the listing agent: $18000
PROFIT: $46,100
Inputs welcomed.
Hard money lender welcomed.
I have been a Broker for over 14 years, live in the neighborhood, know the market. My partner has flipped 5 properties with success and has the team ready to go.
We are offering cash with 15-days closing, 10 day inspection.
THANKS.