1615 Ezra Church Dr NW Atlanta GA Fix n Flip

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.

This is what the property is looking like today.

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.

Comparable Sales

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

Phase 1-$52,000

Site Clean Up $2,000 COMPLETE

Demo/Dumpsters $2,000

Misc Carpentry/OPEN Floor plan $3,000

12 X 12 Addition $12,000 (square off back of home)

Front and Back door $1,000

Roof $5,000

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

Driveway $5,000

Phase 2-$42,500

Insulation $2,000

Sheetrock $6,000

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)

Tile-$500 backsplash

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)

Landscaping-$1,000

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.