This formula for profit in fix and flip houses is pretty much workable in any price range. I am doing a few examples.
1. Low end condo - 2 bedrooms, 1 bath, 704 sq. ft. in a country club neighborhood with golf, pool, tennis, fitness, restaurant.buy it for $50,000. Put in $10,000 in improvements - paint, carpet, reface kitchen and bath cabinets. Sell it for $80,000. Deduct your costs going out of $5000 approximate. Your net profit is $15000 approximate. This is a 25% return on investment. There is a recent sale at $80,000 so there is a comparable sale for appraisal.
2. Home is 6000 sq. ft. with 6 bedrooms, 6 baths, 3 car garage. Home is listed at $745000. I figure this based on a $700,000 sale price. There is a recent sale of the same home redone and sold for $940,000. This home will need about $75000 of improvements and updating as follows - flooring $30,000, paint inside and out $10,000, landscape clean up $2000, new shutters $10000, restain or reface cabinets and stair rail $10,0000. This home is located in a prime area near a huge hospital and is the perfect location for physicians and their families. This home will have a $75-$100,000 profit.
These are 2 good examples of fix and flip properties. These are cosmetic fixers that can have a turn around time of less than 30 days which is key to success in flipping.
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