Ferndale “Flip” Opportunity | Team Virkus
This is a “probate sale” of a 3 bedroom 1 bath house located in Ferndale one of the hottest residential markets in Oakland County MI. The home was just put on the market and is listed at $110,000. The goal would be to make an all cash quick close offer to the bank of $100,000. Once closed, the house would go through a light renovation including interior paint, refinished flooring, and kitchen and bath updating. There is also the ability to finish existing attic space to gain more salable square footage. In doing so you would gain roughly 144 of additional space that could also be used as a fourth bedroom. It is estimated the renovation will cost approximately $25,000. Once the renovation work is complete the property would be listed just below market at $165,000.
If the business plan is executed properly, it is anticipated this Flip would produce +/- $26,800 in profit after all closing costs for a 21% return on investment over a three month period. For more information simply complete the form below or give us a call at 248-672-8837.