Sky Lake Flip

Sky Lake Flip

4 bed / 2 bath 1531 sq ft Built in 1965 Single Family

Only seven days on the market, this rehab sold for $3,000 over EquityPro's estimated ARV of $250,000, creating a net profit of $29,965 for our investor.  Initially, our investor purchased this four-bedroom, two-bathroom single-family home through EquityPro for $179,900.  Our investor purchased this property sight unseen, with no interior photographs to even look at, so his rehab was $4,000 more than projected.  However, with the cosmetic interior updates that he completed and added curb appeal to the front of the home, he made up for the slight difference by increasing the retail purchase price to $253,000.  The total rehab expense on this property was $25,000, with an additional $18,135 in closing costs, commissions, and utilities.  This investment opportunity only took two months to complete from the initial purchase through EquityPro to the retail closing day.  Job well done!

Financial details
Investor price $179,900
Rehab costs $25,000
Other expenses $18,135
Days on the market 7
Sold price $253,000
$29,965
Profit
13.44%
ROI