Should I buy a rehabbed SFR and do further additions and flip again?

[Tom Phelan]

In my area, Miami, finding a true wholesale deal is almost impossible. Wholesalers have become retailers.

I have an area in mind, Coral Gables, Florida that has lots of nicely rehabbed properties but due to their age, c1920s - c1940s, are at best a 2 bed 2 bath. Most of these properties are impeccably renovated and for example for sale at $550,000. On the same street are bigger homes for $750,000 - $850,000, more bedrooms and baths and square footage.

Would it make sense, assuming the numbers and reality make sense, to buy one of these beautiful rehabs and add a master bedroom, ensuite master bath and walk in closets say at a cost of $75,000 and then list and flip for $795,000?

Has anyone done this successfully?