Rocky River Live-in-Flip

[Sheen Ford]

I'm currently involved in my first flip. Doing a live in flip to negate the necessity to use private money, and to really take the time to learn the process. The house is off of Detroit Road in Rocky River, right before Westlake and across from the golf course, and is a colonial style 4/2.5. My value add proposition is to turn what is a walk-in attic off of the master into an ensuite master bath. I've run into multiple areas of trouble, and I'm starting to see gray in my hair but not in my will. The comps for a house in RR with 4/3.5 are a vast range from 265k-450k. We already planned on updating the other two bathrooms, and then doing the addition but with comps the same as my purchase price 265k it's hard to tell if updating is worth it. 

My realtor ran the comps for me, and suggested since we have already invested in updating the electrical wiring that we turn the attic into a closet unless better comps come out. The attic square footage, the size of my two car garage, would then be added to the value of the house along with the two new bathrooms. 

Just looking for a little direction from someone who has experience in dealing with a similar spread in comps. I don't mind taking the loans out for the addition, but it's all predicated on the speculation that i'll make my money back on the hind end. The spread that is available makes me a little uneasy.