Fully Renovated SFH in Buffalo, NY... Do I sell it or add it to the portfolio?

[Paul Zackey]

Hey All,

Question for the masses here. I bought a house that I intended to flip. During the project, a bunch of things came up that were addressed that made me go over budget and over my timeline. The house, however, is pretty much brand new and the work/craftsmanship was well above average. Its an EXTREMELY solid home (not your typical renovated home/"flip") that will need absolutely nothing done to it for the next 15-20 years (besides new concrete). I am wondering if I should just add this to my portfolio and rent it out long term (I have 6 units right now: a Quad and 2 SFH) or bite the bullet for the next few months and toss it back on the market when it picks back up here in the summer (located in Buffalo, NY and the market is BARREN during the winter). The house is in a nice, quiet working class suburb (solid B) and is conveniently located to everything.

https://www.zillow.com/homedetails/44-Birkdale-Rd-Cheektowag...

The home features:

New roof, siding, gutters, facia, windows, electrical (including upgrading to 150 amp service with a sub ran to the garage), plumbing (from the main), sump pump, furnace, AC, glass block windows, garage door and man door, fully gutted kitchen with beautiful cabinets/quartz countertops, lifeproof flooring, fully gutted bathroom, paint, landscaping, etc etc. The house is literally brand new outside of the concrete and swapping out the old concrete stationary tub in the basement. 

What are your thoughts? Here are the numbers:

PURCHASE PRICE:	$120,000
RENO:	$75,000
ARV:	$235,000 (could be 250-260 during summer/if rates drop)
TOTAL COSTS:	$220,245
GROSS PROFIT:	$14,755
TAXES:	24%
NET PROFIT:	$9,309
CAP RATE:	9.90%
CASH ON CASH:	6.09%
GRM:	10.0308642