In Episode 8 of my video series “Real Estate Deal Talk,” I show you a property on Esten Street in Atlanta that could have potentially have netted us $135,000 to $145,000. But unfortunately, we heard about it too late. So that’s very frustrating.
The house looks like a piece of junk, which it is. But that’s right in our wheelhouse—a tear-down, new construction.
The listing price is $35,000. We probably would put in $160,000 to $170,000 to build a new 1,500-1,600-square-foot, two-level property with three bedrooms, two (or two and a half) baths. So now we are into it for a total of $200,000 to $205,000. We could probably sell it for $330,000 to $340,000—at the very least—and it would fly off the shelf.
Why? Because this is clearly a neighborhood in transition. It’s going to be really nice in another year or year and a half or so.
There’s new construction going on all around this place. There’s a cookie-cutter across the street, a perfect example of what we could build in a very short amount of time—maybe four to 5 weeks—and have it ready to go to market.
If we got this, we would be in prime location. So, prime timing, location, but the deal is already under contract, so that’s a problem.
See why I am frustrated? Because we just lost out on a deal that could potentially net us $135,000 to $145,000.
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