EON house pictures and numbers

It took almost 6 months to close on this house.  I finally closed on December 29th but the house is now on hold while my crew finishes up on the Bathroom Hole House.  We should start work in early February.

I have taken pictures of the house and completed the repair list.  Here is a breakdown of the repair list:

Replace Stolen AC Units $6,500.00
Plumbing   $1,000.00
Flooring-Carpet,Linoluem,Laminate  $4,000.00
Paint – Interior and Outside Trim  $2,500.00
Landscaping  $200.00
Drywall work  $300.00
General Repairs  $2,300.00
Total   $16,800.00

My purchase price was $33,250 and after all closing costs I paid a total of $35,003.53 (line 120 on the HUD-1).  If my repair estimate holds I will have spent $51,803.53.  The house has been appraised and the value is $80,000 after I make these repairs.  Here is a breakdown of the number I expect:

Purchase and Close $35,003.53
Repairs $16,800.00
Holding Costs $2,000.00
Total Spent $53,803.53
   
Sales Price $80,000.00
Total Received $75,200.00
   
Profit $21,396.47

 

This repair estimate was made when I intended the house to be a rental.  Now that I may flip it I may change some of the numbers.  I may need to upgrade the flooring and add nicer appliances.  This may reduce my profit some but I will decide on these items as I go.

I have posted a video walkthrough of the house at youTube.

Here are the pictures of the house before work begins.

2 thoughts on “EON house pictures and numbers

    • I have never actually sold a house. All of my properties in the past have been rentals – I have 13 now. The two I currently have in rehab phase will be the first I intend to flip. I am going to use a real estate agent for the sale.

      If you have a lot of time you can probably make a little more by selling it yourself. However, I do not really know how to get the word out about the house. I found an agent who is one of the top in the area and I see how this works out.

      I don’t want the hassle of showing properties and walking buyers through the process. I plan to make over $20k after paying the commissions. I think my time is better spent looking for another $20k deal instead of trying to save a $6k commission.

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