My First Flip - when to draw the line in the sand.

[Michael L Sakey]

HI Folks,

Thanks in advance for anyones responses.  

So I am analyzing the potential rehab cost of a potential flip.  It is a classic 3 bed 1 bath 1100 sq ft ranch in CT.

My concerns are that I am potentially OVER flipping it.  (I haven't actually bought it yet- just geeking on the flipping materials and labor budget).

It has hardwood floors throughout, but they would need to be refinished at a cost of about $2600.00 I weigh that with the cost of all new carpets about $1000.  

Same idea with kitchen appliances (it has a stove, fridge, dishwasher, microwave Black appliances) Do I swap them out and keep them for a rental property and put new SS appliances in? But the cost on that is about $2000.

Do you swap out EVERY light switch and outlet to make it universally match and cohesive or leave some of the old ones and just update kitchen and baths outlets and switches etc? 

To my experienced flippers, where do you draw the line?

-Michael

[Jason D.]

@Michael L Sakey depends on the price point of the house. If it's a higher end or mid level flip, refinish the hardwoods, new appliances. Lower priced flip, I would carpet and keep the black appliances.

I always replace switches, outlets and covers. I feel like it's a low cost item and makes the space seem nicer, in a subtle way.