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Updated almost 6 years ago,
Help me understand this flip? Buy/sell margin was very slim
I'm looking for my first flip, and ran across a neighborhood I like with a foreclosure scheduled for February. Using MLS, I scouted other homes on same street. I ran across this one and can't determine whether it was or was not a flip. The buy/sell margin was very thin AND according to realtor's remarks included full renovation. The MLS says the owner had an unexpected relocation, which may have been true - because the the time it was owned was 6 months. On the other hand, it was purchased as a foreclosure
Bought as a foreclosure for $205K in February 2018.
Sold for $219,900 in August 2018.
Appears to have been professionally staged
New paint, carpet & vinyl plank flooring.
Granite counter tops which are not at all the norm for the neighborhood. Seems these must have been in the house when purchased last.
White cabinets - golden oak being the neighborhood standard
New stainless steel kitchen appliances
High-end backsplash tile
So - I'd like some input/opinions from experienced investors. What's your gut feeling? Flip or unexpected move?