Ok, so I finally closed on the sale of 911 Worth on June 6th.  It took much longer to sell and I didn’t the price I had hoped.  Here is what I learned…

1.  While the location was great, the timing was poor.  The property was just one house down from the construction of Grapevine Station.  When I first purchased the property the construction was fairly far from the property but it slowly crept up to the house as the rehab continued.  By the time I was ready to sell, a huge 3 story concrete structure was erected just a hundred yards from the property.  It didn’t help that two other houses went up for sale on the same block so it appeared that everyone was bailing on the area.  I believe this was a timing issue as the development will likely increase the value of the property when complete since it’ll be walking distance to Starbucks, restaurants and retail.

2.  I performed a fairly detailed self-inspection on the property when I purchased and felt comfortable with the issues.  However, when I sold the property the buyers inspector found dozens of other issues.  Of course much of it could be fixed but I simply didn’t have the time to deal with all the additional work once the rehab was completed.  So, I ended up discounting it significantly to cover the costs for the buyers to fix it all.

In the end, I purchased for $100k, put in about $40k and sold for $155k.  Not near the profit I had planned but I learned a great deal. Hopefully you learned something as well!