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#78
BPT
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New Philly Property Under Contract
4 Years, 10 Months ago
Karma: 1

It's a single family home - great school district, just outside of the city. Current square footage 2100 (end result square footage should be 2600). 3 bedrooms, 2 bath.



Purchase Price - $169,900

Construction Costs - 80,000 (conservative - should be 65k)

Closing costs (including transfer tax, insurance) - 8,150

Resale Price (conservative price) - 320,000

Resale Closing Costs - (transfer tax, 4% realtor fees) - 17,820

Proposed Net Profit - $44,130


Scheduled to close next Tuesday (Dec 22nd). Hope to complete construction within 8 weeks. Should be an interesting project!!
 
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Last Edit: 2009/12/27 20:36 By BPT.
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#80
Iwannabefree
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Re:New Philly Property Under Contract
4 Years, 10 Months ago
Karma: 1

I bet this will sell fast if priced right.
 
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#87
BPT
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Re:New Philly Property Under Contract
4 Years, 10 Months ago
Karma: 1

Thanks, Iwannabfree! That is what we are hoping!

Settlement went off without a hitch on the 22nd. Front end closing costs came in lower than we estimated - with a savings of about $2000 - so we are off to a good start.

Demo starts bright and early tomorrow!
 
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Last Edit: 2009/12/27 20:43 By BPT.
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#105
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Re:New Philly Property Under Contract
4 Years, 9 Months ago
Karma: 1

Update - Demo is complete and a french drain has been installed in the basement. We have also received a few different estimates for the installation of the hardwood flooring.

Electric and Plumbing work have begun and overall general contracting (windows, kitchen, drywall, etc.) work is to begin early next week.

So far.... so good.
 
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Last Edit: 2010/01/08 15:08 By BPT.
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#144
BPT
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Re:New Philly Property Under Contract
4 Years, 8 Months ago
Karma: 1

Moving along....

Electric, plumbing, HVAC and drywall are complete. Hardwood floors have also been installed. Painting is underway and all kitchen materials have been delivered - will be installed early next week. Plan is to have the property on the market by next Saturday!

Looking like we will land just under the 80k mark on total cost.

I will update with some photos, as soon as the snow stops and I can get out there.
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