Executive Summary
This case study examines the successful flip of a property located at 311 Ridgeland Ter in Marietta, Georgia. The project involved purchasing a property for $92,000, investing $84,000 in renovations over a 4-month period, and selling it for $256,900, resulting in a gross profit of $80,900.
Property Details
Address: 311 Ridgeland Ter, Marietta, GA 30062
Type of property: Single-family home
Square footage: 1,344 sq ft
Bedrooms/Bathrooms: 3 beds / 2 baths
Year built: 1972
Lot size: 0.27 acres
Acquisition
Purchase price: $92,000
Condition at purchase: Likely required major renovation
Renovation Plan
Estimated budget: $84,000
Planned improvements: 100% renovation project
Estimated timeline: 4 months
Renovation Process
Major improvements completed: Comprehensive renovation throughout the property
Total renovation cost: $84,000
Challenges: Longer process with the city and requirements
Marketing and Sale
Final sale price: $256,900
Financial Summary
Total investment (purchase + renovation): $176,000
Sale price: $256,900
Gross profit: $80,900
Return on investment (ROI): Approximately 46% (gross profit / total investment)
Time from purchase to sale: 4 months
Pros and Cons
Pros:
100% renovated project
Great community
Strong return on investment
Cons:
Major renovation required
Longer process with the city and requirements
Sale price on the upper end of the neighborhood
Lessons Learned
What went well: Successful completion of a comprehensive renovation with a significant profit margin
Market insights gained: The Marietta market supports fully renovated properties, but navigating city requirements can impact project timelines
Conclusion
This property flip project in Marietta, GA demonstrated the potential for substantial profit in real estate renovation. The investment of $176,000 ($92,000 purchase + $84,000 renovation) resulted in a sale price of $256,900, generating an impressive gross profit of $80,900 in four months. This represents a strong return on investment of approximately 46%.
The project’s success highlights the value of comprehensive renovations in improving property appeal and market value. The significant profit margin suggests that the renovations were well-targeted to meet market demands in the area. However, the challenges with city requirements underscore the importance of factoring potential regulatory delays into project timelines.
The experience gained from this flip, particularly in managing a major renovation and navigating local regulations, will be invaluable for future projects in the Marietta area. It emphasizes the need for thorough planning, efficient project management, and a good understanding of local market dynamics and regulatory environments in property flipping ventures.
Despite the sale price being at the upper end of the neighborhood, the successful sale indicates that there is a market for fully renovated properties in this area. Future projects could benefit from this insight, potentially focusing on similar comprehensive renovations in comparable neighborhoods.
For more details, visit the property listing on Zillow: 311 Ridgeland Ter, Marietta, GA
