Under Contract – Hot Atlanta Georgia Fix n Flip.
Current Status of property is vacant as shown on zillow 3 Bedroom 1 Bath 997 Square Feet – Zillow says needs TLC. We will be giving it more than TLC. This property was brought to us by Mike Cherwenka an investor in the Atlanta Georgia market that has flipped hundreds of properties in Atlanta. When it comes to finding great deals in the Atlanta Georgia market Mike is an absolute pro. During our due diligence – we noticed this property was for sale for $90,000 just a few months ago. The price on this property has dropped to around the normal price for where we are comfortable paying for this type of property.
1615 Ezra Church Dr NW-Repair Estimate $94,500
$260,000 X 65% LTV = $169,500 ($74,500 purchase + $94,500 repairs)
Profit $91,000 L/B Code: 2468
*HOT SW ATLANTA REVITALIZATION @ 65% LTV
*4 Bedrooms/2 Bathrooms-1,573 sq. ft. (997 s/f existing + 144 s/f addition + 432 s/f bsmt
*HUGE OPEN FLOOR PLAN/Sits up off Road above ground
*Large master suite with en suite bath, hardwoods
*LOCATION!!! Convenient to everything Atlanta has to offer.
1455 Adele Ave-SOLD $298,000, 5/23/19,3/2, 1485 s/f
132 laurel Ave-SOLD $290,000, 5/10/19, 3/2, 1362 s/f
85 leathers Ci-SOLD $290,000, 3/6/19, 3/2, 1558 s/f
1546 North ve-SOLD 4/29/19, 3/2, 1400 s/f
1627 Ezra Church Dr-SOLD 5/28/19, 3/2, 1602 s/f
118 W Lake Ave-SOLD 7/19/19, 3/3, 1568 s/f
Repair Estimate $94,500
Site Clean Up $2,000 COMPLETE
Misc Carpentry/OPEN Floor plan $3,000
12 X 12 Addition $12,000 (square off back of home)
Front and Back door $1,000
Electrical rough $3,500
Plumbing rough $2,000
HVAC-3 ton system w/ duct work $5,000
Windows $2,500 (might be all good)
Finish 2 rooms in bsmt $6,000
12 x 16 deck $5,000
Paint (int/ext) $7,000
Int. doors, Trim and baseboard $2,000
Electrical Final (Fixtures)-$3,000
Kitchen-$4,000 (new cabinets, faucet)
Countertop-$2,000 (granite countertop, sink)
Update 2 bathrooms $8,000 (tile, vanity, faucet, toilet, mirror, plumbing)
Flooring-$5,000 Repair, Refinish Hardwoods, carpet
Water Heater $1,000
Punch-out-$1,000 (2” blinds, final clean, door hardware)
Hays Property Solutions, LLC will be using Mioym Commercial Capital for the purchase and Rehab lending on this deal. Marc Cox – Gail Allen – CJ and the entire Mioym Team are much appreciated in all that they do with us.
We have the contract – we are waiting on the appraisal to come back and the drawings from the Architect. As you can see we are adding 576 Sq Ft to this property making it an attractive 4 bedrooms / 2 Bathrooms 1,573 sq ft. This fix n flip in Atlanta Georgia should show a profit of $90K. This is a worthy FLIP
I will journalize this project and keep you viewers up to date on our progress. Look for the drawings to be posted Friday this week.