Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago, 03/25/2016

User Stats

84
Posts
9
Votes
Marko Cvetkovic
  • Developer
  • Kansas City, KS
9
Votes |
84
Posts

How far should the flip go?

Marko Cvetkovic
  • Developer
  • Kansas City, KS
Posted

I bought a 3 bed 1.25 bath SFR in a nice area of town. The purchase price was 60k, the rehab will cost around 32k with just fixing up the outside and main floor interior. The problem we (wife and I) are kind of lost on what to do for the full basement with low ceilings. The past owners used wood paneling walls to make a few rooms. And it has a drop ceiling which needs to be removed because it make it to low.

Question 1 is this a 3 bed 2 bath goes for around 145k in area, would it be worth another 12 k to place a bathroom down stairs or simply fix the main floor and outside and sell it for 130K?

Question 2 is should we paint the wood paneling and remove the drop ceiling just to give it some appeal before selling?

Thanks 

User Stats

37
Posts
28
Votes
Jeff Stewart
  • Woodcliff Lake, NJ
28
Votes |
37
Posts
Jeff Stewart
  • Woodcliff Lake, NJ
Replied

Question 1: I would take a more detailed look at your comps and figure out how much value a second bathroom adds if it's in the basement. All 3/2s are not created equal. People may not find a bathroom in the basement to be that appealing. But don't guess; investigate.

Question 2: I'd imagine the basement feels very dark and small with the drop ceiling and dark wood paneling. It's probably worth addressing.

There's my two cents. Good luck!

User Stats

84
Posts
9
Votes
Marko Cvetkovic
  • Developer
  • Kansas City, KS
9
Votes |
84
Posts
Marko Cvetkovic
  • Developer
  • Kansas City, KS
Replied

thank you Jeff

CLOSED Title logo
CLOSED Title
|
Sponsored
CLOSED Title is the Investor Friendly Title Company CLOSED Title, founded by real estate investors. Double closings, assignments, we do it all.

User Stats

384
Posts
318
Votes
Russell Gronsky
  • Specialist
  • Baltimore, MD
318
Votes |
384
Posts
Russell Gronsky
  • Specialist
  • Baltimore, MD
Replied

Most definitely paint the paneling. I'd replace it with drywall myself but if you aren't doing the work yourself, it can be pricey.

Usually another bathroom is a good thing but like it was already stated, check that the cash you spend putting one in will raise the value of the house so you aren't taking a loss on that investment.