Baltimore City Live in Flip Complete

[Will Bowman]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $89,000
Cash invested: $160,000
Sale price: $335,000

Purchased this house at auction in March 2018 for $89,000 with the intention of completing a "live in flip." Renovations cost $160,000 and took 7 months. My appraisal came back at $335,000 and I was able to take 80% of that out in cash. The basement is a fully independent unit with a full kitchen, private front and back entrances, and a washer/dryer and is being used as an Airbnb bringing in $80 a night and roughly $1000 a month.

[Will Bowman]

@Ryan Koehler and @Yannik Cudjoe-Virgil this was out the east edge of the "Guilford" neighborhood facing "Waverly." 

It was a full gut (and then some!). Here's a rough synopsis of the big things we did:

-Repoured the basement concrete floor as the original was buckled and extremely unlevel. This gave us a nice opportunity to run the new plumbing ground work, install a backflow regulator on our sewer line (nice to have on a 1915 house), and move the front and back sump pumps into a better position

-Framed and finished the basement into the Airbnb unit

-Dug the backyard down and installed a retaining wall at parking pad as well as a small deck and set of stairs off the rear entrance to the house that leads down to the parking pad

-Opened up the main floor and removed a few non load-bearing walls. 

-Put new hardwoods down

-Installed the new kitchen and poured a 10'x6' concrete countertop for the island (I think my back still hurts from mixing that concrete)

-Replaced the stairs with new treads, risers, handrails, and picketts

-Opened up the back two bedrooms upstairs to make one master suite with walk in closet and master bathroom

-Installed stackable washer/dryer outside of the master

-Opened up the ceilings in the front two bedrooms to be 11.5' tall. We had the space to go up to the roof joists so I figured why not

-Repoured the exterior concrete stairs leading down to the basement entrance on the back and front of the house