Executive Summary
- Acquired below 65% ARV from an estate sale via direct mail
- Full gut of kitchen and hall bath; updated master bath
- Sold in 7 days with multiple offers, $5K above list
- Distributed investor returns within 5 business days of closing
Acquisition Story
We identified this property through a direct mail campaign targeting probate properties in Alamo Heights and adjacent zip codes. The heirs wanted a fast, certain close and were willing to accept a below-market price in exchange. We closed in 12 days with cash.
Scope of Work
- Full kitchen renovation: new cabinets, quartz countertops, tile backsplash, SS appliances
- Hall bathroom: complete gut and rebuild
- Primary bathroom: vanity, tile, fixtures updated
- New roof: 22 squares, architectural shingles
- Interior paint throughout
- New LVP flooring (living, dining, hall)
- Landscape: sod, trim, new driveway pavers at entry
- Exterior paint
Budget vs. Actual
| Item | Budget | Actual | Variance | |---|---|---|---| | Kitchen | $18,000 | $17,400 | -$600 | | Hall bath | $8,500 | $9,100 | +$600 | | Primary bath | $4,200 | $4,100 | -$100 | | Roof | $9,800 | $9,800 | $0 | | Flooring | $4,500 | $4,200 | -$300 | | Paint (int/ext) | $3,200 | $3,400 | +$200 | | Landscape | $3,500 | $3,200 | -$300 | | Misc / punch | $1,300 | $1,100 | -$200 | | Total | $53,000 | $52,300 | -$700 |
Came in $700 under budget due to efficient kitchen cabinet procurement through our preferred supplier.
Exit
Listed at $290,000 on a Thursday. Received 4 offers by Sunday. Accepted $295,000 with a 21-day close and no repair requests following inspection.
Key Takeaways
Alamo Heights adjacent continues to attract strong buyer demand from the 30–45 demographic. Multiple-offer situations on clean, fully renovated 3/2s remain common as long as pricing is disciplined. This deal confirmed our thesis for continued acquisition in these zip codes.