Updated over 6 years ago on . Most recent reply
MidCentury Modern Rehab in North Shore Milwaukee Wisconsin
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $185,000
Cash invested: $106,000
Sale price: $394,100
complete interior renovation, merged two bedrooms to create master suite and vaulted ceiling, opened main floor so living, dining, kitchen and foyer all connect, in floor radiant heat (important on lower levels in Wisconsin) and custom vanities and tile in baths. Went with the mid century rose gold and mixed metals for finishes.
What made you interested in investing in this type of deal?
Midcentury neighborhood ripe for turning over, solid bones just completely outdated and plenty of square footage.
How did you find this deal and how did you negotiate it?
We found the deal from a realtor from whom we had just purchased an estate property. It had not yet hit the market, so we moved very cleanly and quickly.
How did you finance this deal?
Private money.
How did you add value to the deal?
The master suite and open concept main level, plus a mud room and separate laundry/craft room sold the property.
What was the outcome?
After closing costs, about $85,000 in profit.
Lessons learned? Challenges?
We had 5 other rehabs going at the same time, and because of the lack of contractors, this took too long to get on the market, plus it was November, which is the beginning of the quiet selling season. Nonetheless, it closed in February, and because of the one year hold, the gain will be taxed as capital gains.
