Tiny Home Renovation (Old Town Alexandria) 78k profit (378sf)

[Cheryl Spangler]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $285,000
Cash invested: $40,000

purchase Price $285k
Renovation Cost $40k (on budget)
Renovation Time: 41 days
ARV: $425k

If you are looking for a long term or short term rental in old town alexandria or just a small / tiny home primary residece with NO HOA right on King Street, this is your home.

Contact with questions, interest, referrals of anyone you think might love it. more photos will be uploaded soon. Massive reconstruction, renovation of everything front, back, inside and out. new plumbing, electrical, ceiling, walls, porch, patio etc.

Feature sheet: https://drive.google.com/file/d/1PMMTCmYptc1Jiy14MgAImJyiiEonebQl/view?usp=sharing

Current Rent Long Term in 22302: $1800-$2200/mo
Current Rent Short Term AirBNB in 22302: $2000 - $3000/mo
Current Comparable properties at this price range (are condos with 500-$1100/mo condo fees)

just some snapshots I took, not the professional photos.

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

Unique home, tiny home, full renovation to bring luxury to the tiny home community, location (king st alexandria). First time JV fix and flip

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

day 1 MLS listing, offered less 1 week closing, they took it. Time and cash sealed the deal

How did you finance this deal?

Cash

How did you add value to the deal?

Project management throughout the process. 99% of the time, buyers press a button to buy, press a button to sell and everything in between is done for them (including taking care of all problems, and selling it in the end)

What was the outcome?

Success, currently active, will update what our final sales price ends up with, fielding calls on the property already.

Lessons learned? Challenges?

If at all possible, never install mini-split, install duct work.
Measure, Measure, Measure. Even then some things don't always fit and you have to come up with a work around.
Hire a separate landscaper to finish it all up for better curb appeal
**all in all was very happy with outcome & quality**

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

myself for real estate & project management, cash for lending, investor friendly title co