Richardson, TX Case Study
Purchase Price: $235,000
After Repair Value: $367,000
Rehab Estimate: $45,000
Sales Price: $369,000
About The Project

Longhorn borrowers purchased this property directly from the seller. This flip is in a great neighborhood, offering good schools and proximity to downtown. Richardson is a very desireable area so it was important that the finish out fit the neighborhood to maximize the sales price. Hardwood floors, granite counter tops, stainless steel high end appliances, fresh paint inside and out, and updated landscaping were required. Mechanicals were in tact with the exception of a new electrical panel.

Roadblocks and Solutions

The first issue was the master bath. Initially the investor thought an overhaul would be sufficient, but it soon became clear that additional square footage would be required to get the attention of buyers. They accomplished this by blowing out a closet to add space. The second obstacle was the backyard landscaping. The home backs into a creek, and the backyard sloped significantly with no real way to enjoy the view. The borrowers built a deck to overlook the creek, but added some grass and garden area to the side. This was a nice touch that resonated well when the property was shown. Both of these unexpected changes to the scope of work added expense, but ultimately paid off in the end. The property was sold for $2000 over appraised value on the first day it was listed!