734 Kelton Ave 2/1 to 3/2 fix and flip

[Vince Iacobelli]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $114,000
Cash invested: $65,000
Sale price: $299,000

This property was a fix and flip with heavy value add. We have finished the basement to add a full bathroom and bedroom with property egress. This property was special and had 9ft ceilings in the basement. On the first floor we opened two walls to allow for a modern floorplan and added a double glass sliding door to access the back patio. Additionally we moved the entire kitchen to the other side of the property to open the floorplan even more and allow for a larger kitchen layout.

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

We found this deal with no pictures or information. Upon walking the property and finding the good condition of the basement with the tall ceilings we knew that lots of value could be added.

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

This deal was found on market from an investor selling part of his portfolio. There was no pictures or interior information for this property upon listing.

How did you finance this deal?

For this deal we used 100% private equity to fund the purchase + rehab costs.

How did you add value to the deal?

We finished the basement adding a full bedroom, and bathroom. In addition we significantly improved the condition and the floor-plan of the property with a full renovation.

What was the outcome?

This property was sold

Lessons learned? Challenges?

This property actually sat on market for quite a while. One thing that was learned is that below ground square footage is not the same as above ground square footage.