Buy it Right - Huge ARV - Cheap Rehab = Disaster = Disappointment

I see this every day!

Even a blind squirrel finds a nut now and then

A lesson in what not to do

This is a deal you can find on the Internet 5025 Washington Avenue, Las Vegas, NV 89107. 

So the current owner or Flipper purchased the property for $168,000, in June of 2020, although the assessors office states $118,000. Anyway....

Classic Las Vegas rambler single-story style with a huge swimming pool running virtually the length of the house, on an almost half acre lot. 2227 ft.² for bedrooms three bathrooms swimming pool no garage. I am always conservative the after repair value of this property is easily $398,000 all day long. It could be even higher but this is one of those old Las Vegas neighborhoods were it is terribly mixed; $800,000 house next to $140,000 box. No HOA classic Las Vegas styles built in the 1960s.

When the property was originally listed At the end of August 2020 (score points for a quick renovation), it was listed for $369,000, since then the listing price continues to be reduced and I'm sure this Flipper is under false expectation. Take a look at the interior pictures even the front and back landscaping. This is a lesson in how not to renovate a property.  I am all for making big money, but if you want to make money at least add value. It's not like there aren't enough resources all over the world and on the Internet where you can go 

"look I could do this to make this house look fantastic!" 

No one in Las Vegas is going to spend $300,000 or more on a house that has an air conditioning unit stuck through the wall. From my perspective this project was completed on the cheap without adding any true value.

It pains me to see someone doing this kind of work to such a fantastic property. If the Flipper had just spent some time and imagination, they would've completed something that they could've been proud of and collected top dollar. Let me know what you think.

Just for those of you who are numbers guys;

Buy Right $169,000

Rehab top shelf $75,000

ARV $398,000

What are your thoughts?