Property Need: Flip property under $250K, cosmetic renovations only
Subject Property: 1-Story home in Austin, great access to I-35, 3 bedrooms, 2 bathrooms, and 1,888 SqFt.
- List Price: $268,000
- Purchase Price: $239,250
- Total Cash Contributions by Investor: $47,284.96
- Rehab Budget: $60,000
- Projected Sales Price: $340,000
- Projected Hold Period: 6 months
- Projected Profit after Closing Fees: $25,000
- ROI (Annualized): approximately 52%
Our investor also owns a Mr. Handyman franchise. His motivations to invest in real estate were not only to build personal wealth, but to provide continuous employment for his franchise employees during their slower times. This property in an established North-Central Austin neighborhood required enough upgrading throughout that it clearly attracted only investor clients. We won against an all-cash buyer that offered no option period and no inspection.
The projected sales price of this home was $340,000. Our investor purchased the property for $239,250, getting him into this established neighborhood for essentially half of the price of the surrounding properties.
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