Walsh SFH, 4BD/3BA Flip Project in St. Louis, MO

[Ryan Sparks]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $183,400

Converting historic duplex to single-family home w/ 4 BD, 3 BA. Remodeling kitchen, bathrooms & flooring. Updated electrical, HVAC, plumbing & water service. Add rear entry w/ back decking/stairs. Goal is for rehab to be complete by end of Feb/early March to put on market.

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

Close proximity to my personal home in a desirable neighborhood w/ supply shortage.

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

Thru a local wholesaler.

How did you finance this deal?

Personal cash & HELOC.

How did you add value to the deal?

Acting as GC/project manager, listing agent & grunt laborer. Added 2 bedrooms including master suite w/ 3rd bathroom.

What was the outcome?

TBD.

Lessons learned? Challenges?

Beware of old knob & tub wiring along w/ galvanized piping/ductwork. Very tedious demo & repair work when dealing w/ plaster walls. Check water service update w/ City of St. Louis. Always get 3 bids from contractors.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

KW Saint Louis.

[Kyle Eckert]

@Ryan Sparks

That is a good looking building.  The mandatory update of the water supply line can be rough if you don't see it coming, it broke a deal for me a couple years ago.  Galvanized pipes in STL are a nightmare, and almost all of them in the city are at the end of their lifespan, good news is correcting those issues is a major bonus when buying a remodeled house.

We are still seeing multiple offers on properly put together houses in nice neighborhoods, so you should have clear skies when you go to sell if nothing changes.  Good luck!

BTW, dont forgot to file your intent to sell notice soon.  Forgetting to file that makes for a very messy sale and it can be a pain in the neck for everyone.  Had a messy sale last year due to this, so just a heads up.

Cheers