3/2 twinhome for $148,000. Will live in while flipping over 2 years. We have done a couple already with this being the first to approach with a carefully planned investment strategy instead of picking at projects for 2 years and guessing at the outcome. We didn't know we were flippers, just needed to make an affordable house liveable.
Smaller 3/2 in decent shape sells for roughly 250 in this area. Being that it is a shared wall dwelling have been running on assumptions of around $200k maybe a little more due to good neighborhood, large yard and garage with mostly main level living at the end of a cul-de-sac.
House needs mostly cosmetic. Picked this one due to lack of market options plus not needing much for drywall, studs, or other inflated materials.
My first estimated budget for everything I would like to do is $23,000 for materials. (would only net 13.5k profits after sale) There's plenty of room to cut, and will be doing the work myself. Unfortunately the place stinks like cat pee, and I would love to change out doors and trim to get rid of the odors and 1980's look.
Will need to do one bathroom update (vanity, toilet, floors) and the half bath will be a remod. All flooring, full kitchen remod, appliances. Maybe a furnace, driveway, a lot of cheap landscaping and large quantities of bleach, kilz, and paint.
Struggling with which items to cut. We can clean the doors and save $1200 but would rather have new white doors with some character over hollow core cheap wood grain. White trim over veneered particle board.. Where do the lines get drawn and how can I justify those decisions with resale in mind? Have looked at so many flipped homes and the cheaply done ones are ridiculously obvious even in the listing photos.
Read the J.Scott and other books, have been planning for months and thought I had this stuff down but as the closing date approaches I seem to have lost decision making capabilities.
Thanks for any info!
