To Flip or not to Flip- that is the question!

A couple of years ago, in 2012, my husband and I viewed several different REO properties as potential investments.  If you remember, this was the height to the real estate downturn and at one point there were over 200 hundred distressed properties in our local market.  On a fabulous fall day, we viewed a property at 38 Pinnacle Rd. in Prescott.  We toured the home, and we could see the potential. This home was built in the late 1970s and still had its modern charm.

Here are a couple of before shots:  From Top to bottom

Exterior front, great room, master bath

The house was located in a desirable neighborhood, had great bones, and oozed with potential. However, at its listing price with the amount of money it would take to bring the home back, it was out of our league. 

Flash forward to yesterday, December 18 2014.  My husband bellowed from the office that I just had to check out a house.  There it was, 38 Pinnacle Rd.  The property had just closed and was starting a new- modern life.  The property was on the market for almost a year (due to an over valued starting price- in my humble opinion).  Purchase price for the REO property was 285K.  Closed price after the rehab was $641K.  Pretty nice profit potential even considering carrying costs and remodel costs.  Check out the pictures below for the updates- I did not even recognize the exterior!

From top to bottom:

Exterior front (new driveway, clean up- same from door!), Kitchen (wall moved, new everything), Great room (flooring, fireplace surround), Master bath (what? no more sunken blue tub?) and a really cool Rear Exterior (nice clear railing and great photo- by Royce Stringer??)