8 Phases of the Flip Series: Old 4th Ward House – Atlanta

December 16, 2014

We hope you’re enjoying our newest series, The 8 Phases of the Flip. This week, we’ve posted information for our second house located in the Old 4th Ward in Atlanta. Be sure to check back in weekly to watch the transformation happen!

Basic Info: This historical home was built in 1920 and is currently divided into two town homes.

Size: The home’s square footage is 2729sq ft, and it sits on a 6891sqft lot. The home also includes 4 bedrooms and 2 bathes. It is currently divided into two 2 bedroom/1 bath town homes.

Location: Atlanta’s Old Fourth Ward neighborhood has garnered national attention as “a cradle of culinary and artistic innovation and as a symbol of gentrification.” The neighborhood is best known as the location of the Martin Luther King Jr. historical site. In 2010, Atlanta-based newspaper, “Creative Loafing” awarded the Old Fourth Ward neighborhood as “The Best Bet for the Next Hot Neighborhood.” In 2011, the neighborhood celebrated the opening of the “Historic Fourth Ward Park” and saw the kickoff of the “Ponce City Market” project.

Numbers: The purchase price was $230,000 and the rehab budget is $140,000. This homes after repaired value, or ARV, is $550,000.

How I found the property: I located this home through a local whole seller. We bought it from him right after he had placed it under contract. We offered him a full price offer with no contingencies and immediately closed with $5,000 in earnest money.

Budget: We are looking to spend $140,000 on the rehab. This amount may be slightly adjusted depending on our final decision on the master suite. (See blueprints)