Pompano Beach Condo Flip

Pompano Beach Condo Flip

2 bed / 2 bath 1074 sq ft Built in 1974 Condominium

Beachfront investment properties are in high demand, and this Pompano Beach property was swooped up by a long-time EquityPro investor in a matter of minutes as he knew its potential.  Our investor purchased this two-bedroom, two-bathroom condo unit on the 7th floor for $334,500.  Determined to make this property shine, our investor completed a full cosmetic interior update, including a complete kitchen and bathroom remodel, new flooring, fixtures, hardware, and interior paint.  He also replaced the AC unit, totaling $50,000 for the rehab.  He had an additional $35,500 in other expenses, including closing costs, utilities, and commissions.  The property security guards posed some access challenges for our investor and his crew, so completion of the rehab took a little longer than expected.  However, in less than seven months, this property sold for $540,000, generating a net profit of $120,000 for our investor.  What a successful flip indeed!      

Financial details
Investor price $334,500
Rehab costs $50,000
Other expenses $35,500
Days on the market 21
Sold price $540,000
$120,000
Profit
28.57%
ROI