SFR Flip in Southside of Chicago

[Lakshmi Nikitha Duggirala]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $154,000
Sale price: $239,700

Partner deal, 50/50 split of profit. First flip I purchased, used a hard money loan to finance 100% of rennovation cost and 80% of down-payment. SFR in the Southside of Chicago, gut rehabbed into a 5 bed, 2 bath and sold within a 7-month timeframe. The first offer came in above our listing price, however, the buyer did not get lender approval. The second offer was around listing price but they dropped out a week after inspection (even though there were no issues). 3rd offer ultimately closed with a $7k seller credit.