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Updated over 7 years ago on . Most recent reply

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2
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J Stoddard
  • Rental Property Investor
  • Buffalo, NY
0
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2
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First Flip Buffalo NY: Worried about underestimating repair costs

J Stoddard
  • Rental Property Investor
  • Buffalo, NY
Posted

Looking at flipping this house:

https://www.zillow.com/homes/for_sale/house_type/3...

I put the info into the Flip Calculator and here were the basics:

If I offer: $60,000 (It's been on the market for almost a year)

Repairs: $100,000

Holding Expenses (for 6 months) and Real Estate Sales Costs: $32,948

TOTAL expenses: $197,947

ARV/Sale Price: $250,000 (This is a low estimate, it's a great area and lot, great school district and could possibly sell for 50K more if listed at a prime time)

Profit: $52,467

Big things it will probably need:

-New Roof

-New Siding

-New Kitchen

-Updated Baths

-All new interior doors/windows 

-New layout/design to interior

-Possibly turn extension into Garage 

Is this a crazy idea for my first flip?  Is it really possibly to do all of this at around 100k?  (I haven't actually had any contractors give me numbers...but it's such a big job I don't want to start that until I have a general idea that it might work).  Any thoughts or advice?

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