THIS FLIP WAS A HOME RUN!

[Lesley Resnick]

This was a project I did with an out of town investor, the house is in Jacksonville, Florida and he lives on the west coast. Originally he was reluctant to buy the house. It was under contract 2x. He almost talked himself out of it.  But after all, he made a great decision and it was amazingly profitable.

Numbers:

80k Purchase – cash

35k – Reno

Roof, siding, paint inside and out

Kitchen cabinets and countertop resurfaced

Plank floor

New tile in bathroom

Repair electric and plumbing

Home staging 1% of sale price

6 month project

165k sale price less 6k closing costs

44k Profit

Regrettably, this will probably be the most profitable flip I am involved with for the foreseeable future. It all lined up perfectly.

I love home staging. The company I use is top notch and it makes all the difference in trying to sell the house. Buyers often have trouble picturing what it will look like with furniture. 

BEFORE PHOTOS

AFTER PHOTOS

[Benjamin Larance]

I agree with all the other posts - great project and tastefully done.

But I can't make the rehab numbers work.  For example, a quick "back of the napkin" conceptual estimate (WAG) suggests the following:

1. Appliances (dishwasher, refrigerator, stove, hood):  $3,500
2. Kitchen sink, disposal and faucet:  $500 (material only)
3. Kitchen hardware:  $200 (material only)
4. Kitchen cabinet restoration:  $3,000
5. Kitchen countertop restoration:  $1,500
6. Plank flooring:  $3.50/SF x 2,000 SF = $7,000 (material only)
7. Electrical rehabilitation (including light fixtures):  $4,000
8. Plumbing rehabilitation (including toilets, faucets & shower):  $3,000
9. Bathroom tile (2 baths):  $5,000  
10. New roof:  $10,000
11. New siding:  $6,000
12. Paint (outside):  $4,000
13. Paint (inside):  $5,000
14. Staging: $1,650

TOTAL:  $54,350

This estimate does not consider any cost associated with building permits or design professionals.  There is no money for demolition or mold remediation.  There is no money for any foundation repair or drainage improvements.  There is no money in my WAG for new doors or door hardware.  There are no dollars assigned to new HVAC equipment or a water heater.  No allowance for stair (treads and risers) or handrail rehabilitation.  No allowance for insulation or other thermal improvements - such as upgraded windows.  No money dedicated to moving or eliminating interior walls.  No allowance for garage door replacement.  No allowance for new landscape, privacy fencing or flatwork rehabilitation.  
 

I could not have accomplished the level of renovation you show for the dollars expended.  Am I missing something or do you get REALLY good rehab pricing in your area?