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First Investment Property - Detroit, MI
Hi everyone! I am currently working on rehabbing my first Investment property to flip. Please let me know what you guys think. Roof has been replaced, back porch has been repaired and painted, fence has been installed, furnace has been installed, and basement/backyard junk has been removed. Next up is painting. Still need to lay carpet, sand floors, rehab kitchen, install bathroom vanity, install half bath in basement, and install a gate on second floor patio door for insurance purposes. Also looking for insurance and funds to finish up this project.
Here are the details and numbers.This home is in Detroit, Michigan. It's a brick home with 3 bedroom, 1 bath, un-finished basement and no garage. It's 1,194 sq. ft with a estimated $30,000 rehab costs, which comes out to $25/sq ft. Re-hab includes painting whole house, renovating the kitchen and installing a half bath in the basement. I purchased it at $18,000 with about $3,000 in closing costs. Minimum expected ARV is $73,000. So I'm looking at a gross profit of $21,000, with estimated $3,000 in closing costs which leaves $18,000 in net profits.
Also please leave any tips on blogging. I'm new to this as well. I don't know if I should include all updates on a particular project in one blog and update it or have multiple blogs.
Thanks!
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