4 Innerleven Court, Frankston
A flippers job is to get in and out in the quickest possible timeframe, which was achieved with intricate precision by the investors at 4 Innerleven Court, Frankston.
Taking 22 months between January 2017 to October 2018, these flippers managed to transform this property and realise fantastic profit in the process.
The property was purchased for $420,000 and sold for $645,000 by agents Daniel Condon and Adam Price of Ray White Frankston. Their vendors achieved a $225,000 profit or 53% return on investment.
The most genius part of the transformation was closing in the formal dining area and turning it into a 4th bedroom, which added significant value for a limited expense.
Based on the images, I see this renovation as largely cosmetic. I would estimate around $65,000 spent to inclose the 4th bedroom, flooring, update the bathrooms, landscaping, painting internally and styling.
We could estimate a gross profit before holding costs, stamp duty and agents commission is taken into consideration around $160,000. This has also been achieved in a market which according to SQM Research hasn’t experienced significant growth over the last year.