Background: Property is located in Jacksonville, FL in a neighborhood called Isle of Palms. The neighborhood contains canals that go straight into the intracoastal (most affordable waterfront living while still convenient to beaches, town center and so on). We know the Jacksonville, FL area very well and have been looking for a foreclosure in this neighborhood for at least a year. We own a real estate company that specializes in property management, flip houses on the side and we are currently getting into the commercial/multi-family investment market.
Purchased property at auction for 260k.
Before pictures: Mold throughout the entire house. 10k in mold mitigation - roughly 3 weeks.
Renovations: Everything!! - New windows, drywall, gutters, insulation, roof, pavers in backyard, pool equipment, paint inside and out, kitchen cabinets, ac, water heater. You name it - it's new.
Problems: Mold remediation took 2 weeks longer than expected, bulkhead needed 3k of repairs that were not accounted for, someone stole our metal gangway that connected floating dock with main deck, electricity via temporary pole in the yard because city of jacksonville inspectors would not go into the house with mold inside it.
Wins: House went on the market and had 20 showings in first 5 days. Went under contract at 595k within a week. Appraisal came in low at 580k (had a feeling this might happen) - we were listed at highest per sq ft in the neighborhood since 2007. Ended up getting $305 sq ft. Highest sale previously was $282. Total renovations cost $140k. Into house for $400k, sold for 580k. I think if we waited a little bit more we could have gotten a buyer to pay 600-615k but time is money and we wanted to get our cash out of this project since we didn't take a loan for it and it was tying up a ton of capital.
After pictures: https://www.dropbox.com/sh/dwdfqgeen9dyu12/AAAFDVL9haWqFZp5D0vX2tiaa?dl=0 (all listing photos)
