422 Plum Avenue, New Kensington, PA 15068

[Staci McDonough]

Investment Info:

Single-family residence fix & flip investment in New Kensingtn.

Purchase price: $20,800
Cash invested: $60,000
Sale price: $112,500

900 sq ft bungalow. 2 bedroom, 1 bath, 1 detached garage; built 1922; Built for the coal miners family by the Logan's Ferry Heights coal mining company. Severe structural issues with the floors sloping.

What made you interested in investing in this type of deal?

Located near primary residence and in a good school district. House was very distressed. Wanted to improve the home values in my area and I knew it would be a good investment. Could be either a fix and flip or rental.

How did you find this deal and how did you negotiate it?

Used an agent. Listed on MLS.

How did you finance this deal?

Cash. Private money and Home Equity Line of Credit

How did you add value to the deal?

Updated exterior with new roof, gutters, siding, windows, etc.; Interior updated with new kitchen, flooring, trim, paint, fixtures, upstairs laundry, leveled floors, etc.

What was the outcome?

Sold as fix and flip. Made $20,000 in profit.

Lessons learned? Challenges?

First time dealing with structural issues. Took me longer to finish project than planned. This was also my first listing as a real estate agent.