Lake Community Lebanon, CT
I am currently in contract with a "come take over our Flip" property. Previous owners purchased the property at a tax auction, gutted the inside, replaced the roof, installed to sliders and bought vinyl siding. All that in 3 months and now they are asking for 3x the amount that they paid for the home. They paid $20k, wanted $65k, I worked them down to $47,500. There is currently a $13,902 sewer lien on the property that is set up on semi-annual payments of $543.10 until 12/1/3032. I can hold off on paying this lien after all the work is done.
3/1/1080sqft
0.7 acres (which is 2-3 times more then other properties in the community)
I would go in and get the hook up to the sewer started, re-frame the rooms, vault the ceilings to give it a more spacious feel. Install drywall, flooring, tile, HVAC system, R&R windows, R&R entry door, new bathroom, new kitchen, run electrical, insulate, paint, finish work.
At this size home I look to have it on the market 30-45 days after purchase.
With a budget of $50k
The ARV is $175k