Lafayette, LA Success Story #6

[Will Menard]

Wanted to share by success story of a recent flip here in Lafayette. Bought the home for $105,000, 3 bedroom, 2 bath. The property was a typical 1980's home unimproved since the original owners took over. These are the types of properties that we love to see because we can bring them back from the past!

Construction was estimated to be around $45,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. Final construction budget came in at $52,500.

Decided to list the home at $187,500 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The home was on the market 8 days before getting a full ask offer! SOLD.

Breakdown:

Purchased - 1/4/17, Closed - 4/18/17

Sells Price - $187,500

Closing Costs Paid by Sellers- $2,500

Purchase Price - $105,000

Construction - $52,500

Commission - $9,375

PROFIT - $18,125