A house flipping exercise using a real estate listing from our market - how much will it take to renovate this investment property and get it ready for sale?

2. Relevant Details
• Built in 1948
• 2 acres
• 980 sq ft
• 2 beds, 1 bath
• Asking $74,900
• Has been on market 5 months and dropped from $124,900
• Nearest comps are $135k with 1,300 sq ft

3. • This house needs some serious
curb appeal!
• This is the front but looks like
the side – needs new/updated
railing and steps, stain, and
siding with some color at the
very least
• Lawn needs to be re-seeded and
perhaps a few small shrubs
added in front of the new railing

4. • Clean roof, repair as needed

5. • Relocate house numbers to front
of house near door
• Remove overgrown shrub
• Check foundation for damage
from tree roots

6. • Check condition of flat portion
of roof, repair as needed (and
check records to make sure
addition was permitted)
• Repair chimney as needed and
whitewash to blend previous
repair work
• Re-gravel or pave driveway as
budget allows

7. • Reside whole garage to match
house
• Paint or replace garage doors

8. • Pressure-wash and repaint as
needed

9. • Remove window treatments to
brighten room
• Upgrade front door to steel
• Replace carpet throughout
• Paint walls throughout

10. • Replace light fixture with more
modern option
• Replace cabinets, countertops,
range and sink
• Determine feasibility of
removing right wall and
installing kitchen island for
open-concept kitchen
• Remove wallpaper and carpet
• Tile floor
• Remove beveled edge around
doorway

11. • Replace toilet, tub and vanity
• Determine source of damage
near window sill – water or
pest? – and remedy
• Tile around tub and floor
• Remove mirror from door
• Relocate/replace toilet paper
holder and towel rack

12. • Inspect attic to determine if
seams in ceiling are a sign of
water damage; remedy as
needed
• Patch and repair drywall

13. • Same as previous bedroom

14. • Remove or drywall over paneling
• Update light fixture
• Install closet space to turn this
room into a proper bedroom
• Install built-in shelving to left of
window to minimize the fact
that the window isn’t centered
(looks like this is the addition
that produced the flat-looking
portion of the roof, does not
look to code)

15. • Inspect all systems and make
repairs as needed
• If budget allows, sand/scrape
and re-seal basement walls, or
just apply a fresh coat of paint

16. • Check for asbestos-wrapped
pipes based on age of house
before work commences
• Spray paint ceiling joists and
support beams white to make
basement feel larger/fresher