Stratford Flip Analysis

If you've been following our social media, then you've seen some progress pictures and updates of our multiple flips in progress #StratfordFlip and #EdgewoodFlip. Though they won't hit the market until February, I wanted to share some flip analysis, timeline and updates on the #StratfordFlip.

First of all, we teamed up with a fellow investor/flipper looking gain experience while bringing equity. The deal is in Hampton, VA and came from an assignment of contract (wholesale deal).

Analysis:

Purchase: $75,000

Purchase Costs: $7,500

Holding Costs: $5,400

Rehab: $45,000

Sale Costs: $18,700

ARV: $170,000

Potential Profit: $20,000

ARV:

- Look at sold homes on Zillow/Refin within the past 6 months

- Get a CMA from a licensed Agent

Rehab:

- Some rough numbers we use for initial analysis

*$25/sqft: light rehab -paint, carpet, fixtures

*$35/sqft: medium rehab -Above + cabinets, landscaping, roof, baths, some drywall

*$45/sqft: heavy rehab -Above+ systems (HVAC, water heater), roof, all walls, trim

- During due diligence, walk the property with a GC/subs to get an accurate quote

Progress:

Demo

Framing:

As always there are problems, we ran into some floor leveler between rooms (there used to be a wall). So, in order to have hardwoods throughout, we used some from the new master to fill in... the master will get carpet.

This week is Drywall, Bathroom Tile, and Exterior!