hey all. so i purchased this home a few years ago at 67k (before fees) cash. its located in Coolidge, arizona.
i have no debt into the property, but over a year of sweat equity. it was kind of a nightmare. over the next couple of years i fixed the entire house myself. brand new sewer, plumbing. updated electric. guest house in the back. new framing, new roof. i personally think its the nicest house on the block.
while i was fixing the home a older smaller duplex sold for 250k . this had me thinking it was worth it to invest more into my property to try and demand a similar price. i paid 10k to add a block wall around the entire property added a nice washer dryer ect..
initially we listed it for 225k with my bottom line being 200k.
here we are 60 days after i finished the home. its been sitting on the market with very little action. all in im probably 140k in, being conservative. this entire time i had it listed with seller financing as an option as well thinking it would give the home more traffic. Nothing.
ive gotten one cash offer for 150k. im thinking of taking it. my fees are about 4k. no capital gains tax because ive owned it long enough. im waiting to hear back from the investor who gave the cash offer but we are planning on dropping the price to 199k as well
obviously this is my first fix and flip , i hear horror stories about others first project. ive rationalized that breaking even cash wise is not a bad outcome. i loose all my sweat equity but i learned a lot and am already using these skills fixing up my other property in Kelso Washington.
just looking for feedback. i have no one to talk to about these things. i have no debt and honestly i dont want any. the market has been stressfull, i know a lot of people are feeling it as well.
really appreciate your time. ill provide a photo of the house when i first got it and the listing of it currently.
https://www.zillow.com/homedetails/246-E-Central-Ave-Coolidg...
look forward to hearing for this community. any input is appreciated.
