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Updated almost 8 years ago,
Possible flip in Baltimore - looking for help with analysis
Hi BP,
I have no idea what I'm doing, but want to learn. I came across a listing that looks like it would be a great candidate for a flip (IMO) but I am still completely new at this so not sure if my instincts are correct. The property is a1440 sq ft, 3/1 SFR listed at $115k with an ARV of at least $275k. Most houses in the immediate area are selling at $240k to $300k. The house needs a lot of work, but seems structurally sound with no signs of any major interior damage (mold/water/structural issues)
- Is there a way to get a ball park estimate for what this house would need prior to contacting a contractor?
-What would be the best way to handle financing the purchase? 203k? hard money? Cash?
-Should I read J SCOTT's book on flipping first??
Looking at the pics, I'm thinking it needs
- new kitchen and appliances (might keep fridge)
- New baths (would it even be possible to add a 2nd bath?)
- refinish hardwoods
- New HVAC - remove radators
- windows, doors
- minor landscaping (trees removed)
- replace rear deck
- Exterior? new siding? roof? Shutters?
- remove or replace fence
So I'm asking you fellow members of BP, take the wheel! Please let me know and I can provide more details on the property.