Successful SFR Fix and Flip

[Kenneth Jenkins]

I wanted to share a a quick overview of a fix and flip here in the Metro Detroit area.  This one was mine and is a pretty good example of what can be acheived if you buy right.  I purchased a 3 BR 2.5 Ba home with a full basement and garage in Livonia, MI for  $110k last October.  The property was distressed and I paid cash with a quick close working out a title issue with a former spouse who had moved out of state.  We performed a complete rehab on the property with a new roof, furnace, AC, siding, kitchen, 2.5 baths, flooring, fireplace and paint for around $60k total.  This is going on the market next week at $249k.  I'll leave it to you to do the math on the back end with closing/sales costs to come up with a rough net profit number.

The only sub who was problematic for us was the electrician and it was solely due to a timeliness issue.  His time on task was just not getting the job done.

In terms of costs for the big ticket items we were all in on the kitchen with the range hood, stove, dishwasher and quartz countertop at $12.5k.  The new fireplace with large format tile around $4k.  The basement bath with plumbing and tiled shower around $11.5k.  The main bath around $9k.  The half bath around $1.5k.  Flooring (not including the tile) averaged about $5 per sf with an upgraded carpet and pad in the bedrooms.  Roofing for the house and garage came in around $8,500.  These aren't rental renovation prices, these are prices for renovating to sell to an owner occupant.   If you want to know more feel free to DM me and I'll share what I can.