My first flip or rental

[Robert Gailie]

Hey all. I recently closed on a deal that went into contract in september. I closed in January and we did some rehab work and we should be doing the final work within the next week or so. Purchase price was 29900 plus the buyers premium of 2500. After closing we were at 35k. I found it on the mls going to auction but we bought it before it went to auction. After we closed we found out the pipes were broken so it was 5500.00 to replace basboard heaters and fix busted pipes. Got the heat on and got someone to spackle and paint. Walls had some damage but only had one ceiling to sheetrock over. Had to install new upper cabinets. The front porch was falling off and that is now replaced for 8800. So far the total project cost is at 59000. We should be done at 64000. The ARV is 120,000. The house is a 3 bedroom and 1 bath. Now I need to decide if I want to flip it or rent it like I had originally planned.

here is a before of the porch

Here is an after. 

Sorry for the description and lack of photos. I'll try to post from the computer another time. I feel comfortable with where we are considering it is our first investment. I surely have learned a lot from the project. I just need to figure out if I want to take the quick income or the slow and steady income of a rental.