Spec/Rehab project in Historic Charlotte, NC area! Six figure profit potential!

[Brendan Mylton]

Hello to all. I wanted to post my first project on here to show the progress. I am a mechanical engineer with a background in high-end automotive industry flipping cars which to be honest is a lot like real estate just a little more aggressive and dealing with people is different. I am posting this to prove that I can do real estate projects using my Engineering background and anyone can do it with a time and capital.  

I wanted to tell my story of a big project I have taken on. I have flipped 2 houses this past year and made roughly 50% return on my investment on each so I guess I know what I am doing ;). I am now ready to go into the next era of real estate investing. Knocking down a house and starting over, or what you would call "Spec" building.

I am going to give all the numbers. BofA just accepted my offer of $208k on a 1953 one story ranch home that is attached to a 2001 year built 2 story 1500 sqft addition. The house is on Cotswold area of Charlotte, NC and is in historic district. The house directly next to it has been bulldozed and someone is currently building a 4,000sqft $800k house. That's very good news to my ears. What I plan on doing is to knock down the ranch to the foundation and build back up with the same foundation size but add a 2nd floor and make a visibly attractive craftsman home. The smallest I can make this property to allow a feasible layout is 4,000 sq ft. Its going to be a big house. 5 bedrooms and a office and bonus room. Local area comps are $225-250 a sqft. I have been quoted by a couple builders at $75/sqft for this project which is really good. Rehab costs $200-250k. List price will be $799k. I see a $250k-300k return on my investment in one flip.... Not bad.

Here is where I am after going to house 9 times in 2 weeks and coming up with more ideas everyday... I think it is pretty solid.

Here are plans:

https://www.dropbox.com/s/58gsfi74w1l7cs9/530%20MCALWAY%208-22.pdf?dl=0

Lets get some opinions from the pros!