House #44: Final Analysis

We closed on the sale of The Retail House today…

After purchase, we did a rehab to get the property into rental shape. This included a LOT of clean out (an entire dumpsters worth of trash), painting the interior, repairing some siding, painting the exterior, replacing the carpet and vinyl flooring throughout the house, and two separate house cleaning services. A big part of the rehab was trying to remove as much of the smoke smell from the house as possible (the previous owners were smokers). Ultimately, we resold it to an investor who plans to keep it as a rental.

Our contractors owed us a good bit of work on this project, so we likely saved about $10,000 in labor costs that got applied directly to our profit. So, our profit on this one was probably about $10,000 more than it normally would have been.

Here are the final stats and financial details:

Timelines

Here are the key timeline milestones:

• Purchase Offer Date: 1/21/2013
• Purchase Closing Date: 1/31/2013
• Rehab Completion Date: 2/20/13
• Sale Listing Date: 2/28/2013
• First Sale Contract Date: 3/6/2013
• Final Sale Contract Date: 3/6/2013
• Sale Closing Date:3/15/2013

Financials

Here is the breakdown of financials for this project:

Final Statistics

Here are just some of the final statistics that I’ve been tracking for all my projects, and that summarize the success/failure of each project pretty well:

• From Offer to Purchase Time: 10 Days
• Rehab Time: 9 Days
• Selling Days on Market: 6 Day
• Selling Close Time: 9 Days
• Total Hold Time (Close to Close): 43 Days
• Total Profit: $28,829.47
• Return on Investment (ROI): 35.06%
• Annualized ROI: 297.62%