SFR Flip analysis - almost deal CT · Real Estate Investment Club

SFR Flip analysis - almost deal CT

Hey folks! Just wanted to share a house I had under contract this time last year, New Haven CT which is usually a prime location for several reasons. Anyway the seller barely budged on 10k lower price, but upon 3rd visit with a couple contractors pipes burst in one of the walls and flowed from the upstairs down the 1st floor bathroom ect causing further damage to the neglected property, it was under deposit and one of the things i asked for before closing was to have the furnace operational again and 2 other things - he didn't do that in 2 weeks time. so I asked for a 30k price reduction due to the lapse in time and bursted pipe scenario... he wouldn't do that.

Fast forward to July 2024 and another investor flipped it to remodeled standards, bought at 190k (5k higher than my previous amount) and listed for 330k, sat for 30 days before dropping 20k to 299k, sat another 60-70 days, went under contract in January and sold in the photo attached date 2/3/25.

The lesson here is sometimes it IS a win, but being patient is part of the process and paying those holding costs faithfully, when I had Tim Deal run comps for me, it was within that range of 300-330k based on the area. I am unsure how much $$$ was put in but im certain this fella made a profit as the ARV of 330 was spot on and sold at that.

Follow your dead deals to completion! Always something to learn

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