Premium lot. Appears to be a former longtime rental. Don’t know what the current comps are there but $575K (flipped) seems reasonable to me, given its premium canyon lot. The flippers seemed to have done all the right stuff to successfully market it for a quick sale, so yes, they DID add value!

The only question I have here is, “Was $140K `profit’ enough to cover all the materials, (very fast and efficient) labor, DIY labor (if any) and closing costs on both transactions?” I haven’t looked up “Fit Properties” on the DRE website but would surmise that the principal or one of the principals (or their relative) in this flip is the broker for “Fit Properties.” Otherwise, the selling commission would have been too high for them to make this flip pencil out (as opposed to paying only a co-broke fee).

Very nice “transformation.” Thanks for sharing, UCGal!

[quote=bearishgurl]I WAS good at “eyeballing” the cost of major renovations at one time but the stakes are higher now. For example, buyers today “expect” double-paned vinyl windows, granite, a convection oven and flooring throughout (instead of carpeting, which is generally easier and cheaper to install).

I’m uncertain that these flippers made a “lot of $$” unless they are licensed contractors who got the mat’ls at VERY deep discounts. They obviously had a VERY motivated, efficient and competent crew, which they obviously paid.[/quote]
Right now, contractors are scrambling for work, so the home owner – upgrader is in the drivers seat (for now). They did replace the windows.. I don’t know if they did all of them. It looks like the replacement windows are dual pane vinyl. The old ones were those aluminum frame single pane things. I am curious how they handled the shower that looked like it was leaking at its base. Looks almost like they closed off the far side and made it a large ‘alcove’ shower. The only bad thing that I can think of is that they removed the gutters that were over the doorway and garage. One rain and the new owners will want them there.

I suspect the purpose of the price is to start a ‘bidding war’. I think it is a little too early to do that, though that is a higher priced neighborhood. RE still has to find its legs. Definitely a lot of work in that fixup though. It is also nice that they kept that tree in the backyard. Too many flippers remove large trees.

I would agree with everything CDMA and UCGAL said.

UC when you have a good operation running and can feed your crew consistent work you would be surprised at how little the cost it. I would classify all the work they did as cosmetic as well. Maybe heavy cosmetic but cosmetic nonetheless. Running the flips through your own brokerage does help bigtime. Think about it, if these guys can make as little as 10% per home and flip 4 or 5 homes in a year at a price of 450k or around that (and I bet they do more) then they are doing pretty well.

That doesn’t even count whatever other business they are doing (other listings they may have through their brokerage).

Looks like maybe $50K of work. These guys probably made some good money on this one barring any serious non-cosmetic work. Nice job.

Agreed DC, road noise travels right up those canyons especially at night.