Renovating a duplex back into a high-end single family home

[Rachel Sweerin]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $260,000

Cash invested: $180,000

Sale price: $515,000

This was our first flip and a very long endeavor as my husband has a regular 9-5 and we do this on the side. The floorplan of this home had to be completely reworked to bring it back to it's 1920's glory. It was complicated but so fun and we learned a lot.

What made you interested in investing in this type of deal?

The neighborhood this home is in is high-end and it was sad this home had been made into a duplex in the first place. We were eager to do right by this property.

How did you find this deal and how did you negotiate it?

We found this on the MLS and offered a little below asking price.

How did you finance this deal?

We worked with a private investor.

How did you add value to the deal?

By taking this home back to a single-residence and converting from 3bed/3bath to 4bed/4bath. We redid the floorplan and chose finishes with great care and attention to detail.

What was the outcome?

This home cost us more than we originally bargained for but it was still a good investment and taught us SO much. It was a very hard first flip and at times felt like trial by fire but it was worth it.

Lessons learned? Challenges?

We learned that updating electrical and plumbing in 100year old huge houses is very pricey. We learned that the stress associated with such an arduous and complicated flip was not easy and now we look for easier homes.