This one was a short sale from the MLS that we waited patiently on for many months. We got a call from our agent months after we offered to say we got this deal, and we had to think hard to even remember what the house looked like!
Project Challenges and Obstacles
This particular house had a lot of surface mold on almost every wall. A large chunk of the rehab budget went to mold remediation. But that’s why it was such a good deal! There was a Federal Pacific electrical panel in the house that had to be replaced due to the history of defective breakers from this manufacturer. This added extra dollars to the budget. There was a fair amount of garbage to remove from the basement as well.
Our acquisition was $94,000. The rehab came in at $55,000. Our soft costs were around $40,000. We listed the house at $229,000 and made approximately $40,000 in profit.
We really liked the contemporary feel of this house with the vaulted ceilings in the living room. The ceilings made the living space feel much larger than it actually was. It also allowed us to use more modern finishes in the kitchen and bathrooms.