Live-in Flip : Troy, Michigan - What do you guys think?

[Rob Glover]

Hello fellow BPer's,

 We're looking at a house to fix-up here in Troy, Michigan

Does anybody have experience on live-in flips?

This is will be our first project, and it looks like a major rehab (pics below), we will definitely be using 203K loan to cover the work. I was hoping that the project would be a good chance to learn the rehab flow, and I get the bonus of a customized house when we're done.

Comp's in the neighborhood put the ARV at $270 to $280K.

We made an offer at 190K, and figured we are not going to hold it to the 70% ARV rule, since we need a house anyway.

The location is great; good schools, close to work, nice neighborhood.

The surrounding neighborhood has a good mix of older houses as well as some high end new construction on the same streets, so I think in two or more years we have a good chance of selling it for a decent price, and move on.