Marbern Dr. Hagerstown, MD

[Jennifer Roof]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $30,000
Sale price: $173,000

Before moving in we had to remediate some mold in the basement. Soon after moving in we found that we had some plumbing issues. Those two items added $6850 that included labor costs to our renovation costs. The first floor bathroom and 2 bedrooms were given a fresh coat of paint and a good cleaning. Nothing more needed to be done in those rooms. Because we lived in the house while renovating we had no added carrying costs. We lived in this home for 2 years prior to selling. Below are our total profits and information from online listing companies to verify the numbers. Please see below for pictures and details. We did have 242 hours of labor that were completed ourselves so this incurred no additional cost to the budget.
Purchase price – 95,000
Closing costs at purchase & sale - $6800
Total renovation costs $21,935
Sold for - $173,000
Total profit – $49,265

You can verify these numbers on Zillow.com, Realtor.com or Redfin.com for property address 11311 Marbern Rd. Hagerstown, MD 21740 or follow these links
https://www.zillow.com/homes/11311-marbern-dr-hagerstown-md_rb/37683475_zpid/
https://www.realtor.com/realestateandhomes-detail/M5889931134
https://www.redfin.com/MD/Hagerstown/11311-Marbern-Rd-21740/home/15360019

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

I was looking for a home we could live in while remodeling.

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

Used a real estate agent

How did you finance this deal?

VA loan

How did you add value to the deal?

Remodeled every room in the house. Added new windows. Updated everything.

What was the outcome?

$49,000 profit

Lessons learned? Challenges?

Hiring a contractor would have made the remodel much faster.