This usually doesn't happen here any more with banks since there is such competition here at this time (but we found extensive damage that was hidden such as the roof having three layers of roofing, the bottom which was cedar shake with ZERO sheeting at all).Pre-purchase: 2bed/1bath 800 sqft finished living space with an unfinished 720sqft basementAfter Rehab: 3bed/2bath 1520 sqft finished living spaceRehab consisted of: demo, re-wire entire house, move electrical panel and update, roof, siding, hardwoods installed, build new bath in basement, add master bedroom in basement, add washer dryer closet in basement, remove upstairs wall and add beams, remove addition in back and rebuild deck, fencing, landscaping, EVERYTHING, you get the idea.This house did take a full month longer for rehab then anticipated, but it all worked out in the end.The Bad: Budgeted 75k for rehab, ended up 88k, anticipated 60day rehab, took 90days, termites, no HVAC where we thought, Water heater was leased so it got removed after buying it (didn't know that), had to fire a contractor and have others fix his bad work, bath tubs were lain incorrectly and was not discovered until we were ready for tile...The Good: House turned out WAY better than thought, the additional time for rehab gave time for neighborhood market to increase as well, low inventory at time of listing, sold in 4 days.Numbers:  Purchase: $165k (CASH)Rehab: $88kHolding costs: roughly $2500All selling/closing/realtor/staging/misc: $35kSelling Price: $369,000 with no concessionsNet Profit roughly:  $82,556

Thoughtfully executed to create convenient living with open living spaces, primary on main, oak hardwoods, efficient gas systems, new: roof, windows, bathrooms, millwork, interior/exterior paint, lights & more!

Hello all,I have a short-term summer rental in VB with carpet upstairs (light tan) and engineered hardwood downstairs.

The living room that opens into the kitchen has original hardwood, and an experienced flooring expert said “You can lay pergo right over that”.

Besides this, most of the changes are purely cosmetic to the house - removing wallpaper, replacing carpet, sanding hardwood floors, replacing bathroom tub and vanity. 

I had several rugs in one property hiding stuff (sun bleached hardwood floor with a rectangle where that rug was, garage concrete cracks.)

After Repair Value: $210,000Closing Costs at time of purchase: $2802Monthly Holding Costs: $1,128Interest Payments: $328Property Taxes: $620Electricity: $50Water: $30Insurance $100Number of months holding costs: 9Total carrying costs: $11,825Repairs $52,157 + 10% Contingency = $57,372 TASK UNIT Materials Needed Line Item Cost Replace Sheathing Per Sheet 5 $270.00 Asphalt Shingles Per Square 20 $4,400.00 Aluminum Gutter Per LF 150 $675.00 Pressure Wash Per House 1 $150.00 Vinyl Siding Per Square 1 $265.00 Replace Garage Door Per Door 1 $675.00 Replace Door Opener Per Opener 1 $370.00 Roll-Off Dumpster Dumpster 1 $350.00 Full Demo Per SF 2400 $960.00 Service Call Per Hour 8 $680.00 Natural Gas Hot Water Heater - 50 Gallon Per House 1 $710.00 Replace All Supply Lines Per Fixture 5 $1,000.00 Install/Replace Tub Per Tub 1 $350.00 Build Tile Shower Per SF 70 $1,365.00 Kitchen Sink Per Sink 1 $120.00 Bathroom Sink Per Sink 3 $210.00 Kitchen Faucet Per Sink 1 $90.00 Bathroom Faucet Per Sink 3 $210.00 Trim Kit Only Per Tub 2 $260.00 Install/Replace Toilet Per Toilet 3 $510.00 Install Dishwasher Per House 1 $430.00 Install Can Light Per Can 10 $650.00 Loose-Fill Insulation Per SF 100 $100.00 Wall Board Per SF 4000 $4,640.00 Exterior Door Per Door 1 $230.00 Interior Door Per Door 10 $750.00 Sliding Glass Door Per Door 1 $450.00 Replace Window Per Window 10 $2,000.00 Repaint Per Floor SF 1500 $3,375.00 Paint New Sheetrock Per Floor SF 1500 $3,900.00 Install Kitchen Cabinets Per linear inch 240 $2,040.00 25" Vanity Per Vanity 1 $150.00 30" Vanity Per Vanity 2 $380.00 Granite Countertops Per SF 50 $1,600.00 Replace Subfloor Per SF 100 $122.00 Install Carpet/Pad Per SY 45 $180.00 Carpet+Pad Material Per SF 400 $700.00 Refinish Hardwood Per SF 1000 $1,250.00 Permits Per House 1 $200.00 Air Quality Test (AQT) Per Test 2 $250.00 Mold Remediation Per House       $10,000.00 Refrigerator Per Appliance 1 $1,100.00 Range Per Appliance 1 $900.00 Dishwasher Per Appliance 1 $700.00 Microwave Per Appliance 1 $440.00 Washer/Dryer Set Per Set 1 $2,000.00 Commission to Realtor at time of Sale 7% - $14,700Interest to Private Lender: $5,000Offer Price: $80,000Potential Profit: $41,101 --> I specifically planned this one higher due to the mold issue and wanting as much cushion as I could have to resolve that correctly.

Currently finishing a full remodel of  a unit; new everything-kitchen, hardwood floors, the works. 11K investment with hired labor.

Here in Illinois, in the area I am flipping, it must be solid hardwood in main living space, kitchen, bedrooms, hallway and stairs.

Drain tiled the basement, new appliances, new kitchen flooring, new basement carpeting, upgrades to plumbing system and gas appliance lines, buff and coated hardwood floors.