Hazel Park, Michigan Flip

[Carson M.]

Here is a project that officially wrapped up today in Hazel Park, MI.  I will have to count, but this is close to the 50th home I have flipped in Hazel Park.

Buy- 95K

Rehab- 71.3K

Sale- 250K

Final Profit- 67,300

This was one of our larger rehabs.  Our typical rehab is 25-40K but this house needed everything interior.  

The home was sourced from a local investor that purchased it for 75K and sold it to me for 95K.  Going in, I was expecting to spend closer to 55K in rehab and sell for 200-225K.  I realized I could push the comps and took a calculated risk of going the extra mile and spending an addition 10-15K.  

The home went under contract before I finished the rehab (hence the non professional photos) for 280K.  A low appraisal brought the price down to 250K, which I was OK with.  

Scope of work included all new plumbing, electrical, lots and lots of framing to open walls and reconfigure rooms, drywall and plaster work,  lots of trim work to try and match the existing older trim, new baths, kitchen, etc.  

This is the highest sale price I've had.  Most of my sales are in the 100-150K range.  We have started a new program offering rent ready/ tenant occupied homes to investors and we can provide property management.  All of our turnkey opportunities in Metro Detroit meet or exceed the 1% rule and have met our rehab standards.