Deal Review: Next Door Condo Flip

This deal came from a probate situation within the condo complex that we live in. An older woman had started remodeling her unit, but sadly passed away in the middle of the project. We saw an opportunity to finish what she had started, and tracked down the executrix of the estate. My wife talked to her when she was in town and with some back and forth we agreed on a price that would work for both of us - $100k. Unfortunately, she had already committed to listing with a real estate agent, so while the unit never hit the market, we did have to pay him a commission. So we settled on $103k, and my real estate agent wife got a 3% commission as well :)

Here were our projected numbers:
Purchase Price - $103k
Repairs - $20k
ARV - $160k

As you can see, our purchase price was projected to be 77% of ARV minus repairs. Not bad, but not spectacular. As part of our offer, we agreed to take care of all of the personal belongings in the house (and there was a lot!) We ended up finding an online estate sale company and turning what could have been a $2k expense to haul everything away into a $4k profit. It took about 2 weeks to get everything sold, but I will trade 2 weeks of schedule slip for $4k any day (at least at this price point).

The condo needed to be completely gutted, other than the master bathroom which had already been redone with marble everything. We decided to go a little higher end than originally planned to try to match the finishes in the bathroom where we could (marble vanity in guest bath, quartz countertops in kitchen). In the end, the rehab ended up costing around $22k and took about 5 weeks (1 week over plan).

After looking at the comps again, there were some sales for similar units in the mid-$170's, but nothing in our complex had ever sold for more than $145k (granted none were very updated). We decided to push the comps a bit and list at $177,500, and much to our surprise we had 6 offers in 3 days with 3 cash offers over list price.

We just closed today, and below are the final numbers. Looking forward to finding our next deal!

Purchase Price: $103,000
Financing Cost: $2,637 ($125k @10% for 2.5 months)
Holding Costs: $1,031 (utilities, insurance, taxes, HOA, etc.)
Rehab: $21,694
Staging: $583 (including professional pictures, marketing materials, etc.)
Closing Costs: $14,509
Seller Concessions: $1,700

Total Costs + Purchase: $145,154
Sales Price: $182,500

Net Flip Profit: $37,346

Commission Rebate: $5,976 (my wife earned a commission on buy and sell side)
Estate Sale Proceeds: $4,134

Total Profit: $47,456

A few before pictures (sorry they are sideways, couldn't figure out how to rotate in blog edit mode).