In Episode 13 of our video series Real Estate Deal Talk, we’re on site at a property in the Morningside community of Atlanta that should net us a nice profit after some rehab and remodeling.
The backyard, as you can see in the video, is huge and beautiful.
One main issue outside involves the drainage. We are sitting a little bit lower than the property next door, so we just need to make sure that the water drains away from the home. To do that properly, we’re going to put in two drainage systems, one channeling water toward the alley, another off toward the street.
This outside area is going to be a simply beautiful oasis for the buyer after we’re done. We’ll maybe add a little tree swing, and with some other trimming, the vegetation will look nice and neat. The deck looks a bit aged, but that’s an easy fix for us.
From what I can see, the bones do look pretty good on this home. So we won’t have to do a demolition and new build. This is one where we can gut and remodel, and make it look nice and spiffy.
In the video, you can hear quite a bit of street noise. To minimize that, we’ll make sure all the living areas are away from the side where that’s coming from. If we have a second level, the master will probably be up and to the back. And of course, we’ll make sure we have the appropriate windows to sound-proof things as much as possible, so I think we should be in pretty good shape.
Here are the numbers: $380,000 to buy, another $380,000 to gut and build out, and we will probably sell around for around $1 million to $1.1 million. It should be a really nice home for us. That’s on the maximum for a resale. For new construction, we could probably sell for around $1 million to $1.25 million, but I don’t want to have to go through the hassle with the city to make sure all of our permits come through. So a resale on this one will be adequate.
As we move to a tour of the inside, the first thing that you will notice are the high ceilings in most of the rooms. Our intention is to make sure all of the ceilings in the house are up to 10 feet. We are going to pop the top where we need to and go up another level for some nice skyline views of Atlanta.
The floors are a bit uneven, so we’ll redo those, and also take out some walls to open up the space. The kitchen also will undergo a redo, but nothing too crazy.
Overall, it’s a pretty good project. I like it.
You can view the entire video here:
https://www.youtube.com/watch?v=BFhoZAd4z78
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