Los Feliz, Los Angeles Flip Deal of the Week 3/29/11.
The best home to flip in Los Feliz right now!
Listed at $699,000 – $334 per sq.ft. This REO/bank owned property needs to be rehabbed. Excellent location and a large gated lot in a beautiful Los Feliz neighborhood! Please contact me for all the details on this incredible flip project.
List of features:
- 2 Bedrooms
- 2 Bath
- 2,094 sq.ft.
- 9,180 sq.ft. lot size
- 2-car attached garage
- Built in 1955
- Guest house or office
- Pool
- Gated drive
- Wonderful backyard setting
Please contact me for more information, photos, or maps on this flip deal.
Agent notes: Extreme Makeover Home Edition x 10. They say “location, location, location.” Fixer north of the Blvd. 2 beds, 2 baths, family room, dining room and inside laundry. Pool, with pool house. 2 car attached garage. Buyer to verify all permits, codes, zoning etc. Days 1-7: Offers will not be reviewed. Days 8-12: Offers ONLY from NSP buyers, municipalities, non-profit organizations, and owner-occupants will be reviewed. Days 13+: We will consider offers from all buyers. Thanks for your support!
When buying and selling a flip on behalf of a client, it is crucial to know the neighborhoods, know the comps, and be conservative in all figures. Los Feliz is a community that often offers homes with lots of privacy and incredible views of the city, mountains, and/or Hollywood sign. The neighborhoods can be mixed with huge estates valued at $6MM-$8MM up on the hill to smaller homes valued around $650k down around Los Feliz Blvd.
This home is located in a great neighborhood with several homes valued at $1.5MM-$1.7MM. I met with Chris Teutsch of Avante Interiors for over two hours at this property. Knowing the market and this neighborhood, we decided that an investor looking to flip this property and to make the most profit will need to do a heavy remodel to get the most out of the property layout. A few of Chris’ ideas are to knock down a wall or two which will open up the floor plan significantly. Chris recommends adding a circular driveway out front with new electric gates. The interior will need to be completely remodeled and knocking out the low ceilings to reveal its vaulted ceilings will create a more open and spacious home. The guest house can be made into an office/studio or guest quarters, and the backyard will be reinvented around an existing pool.
The current detached pool house may not be included in the livable square footage. We will be able to include it after the rehab once it’s fully permitted and to code. Completely turn-key homes like this one in this neighborhood are selling for $500-$600 per square foot. This home will be fully remodeled and up to date upon completion. A conservative estimate on the final retail value of this home is $1,500,000, but the secret is in negotiating the purchase price and construction costs. Chris has estimated his construction rehab to be $312,000 and to take about 6 months with doing everything he suggests to the property. To keep figures in perspective, if you purchase this property for $699k (which is asking price) and spend $300k in a remodel/addition, then you are into the property for approximately $1MM. Selling it on the market for $1.5MM will make an investor a lot of profit in less than one year.
Chris Teutsch of Avante Interiors does exceptional work, and together we provide our clients with excellent flip deals. We find the homes, purchase them with our clients, and fix them up for maximum value to their neighborhoods. Chris has completed two dozen remodel/addition homes in Los Feliz in the past few years. In fact, we just started a new remodeling project for one of our clients on Tuxedo Terrace which is close to this property. You can discover more about Chris Teutsch and Avante Interiors on our Affiliate page.
Chris will create a complete detailed estimate for this property. I think you will be amazed at how much profit is available as a flip potential and equally amazed at what a beautiful home this will be for an owner-occupant.
If you are searching for a great flip in Los Angeles, I will find it. Please contact me today about this home or any of your real estate needs.
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