Renovation and Resale
Clean Slate Properties is focused on performing or helping others perform “residential redevelopment” which means buying an existing residential property, improving it for its best intended use, and then reselling the property. Most people colloquially refer to this as “flipping” made famous by various HGTV shows on television. However, entertainment television is not “reality” and real-world residential redevelopment is quite different than what you see on TV.
A residential property can be a single-family home, a multi-family property of 1-4 units like a duplex, triplex, or quadplex, or a condominium. Apartment buildings have 5 or more units and are classified as commercial buildings, not residential properties.
The work on a property can span in complexity from a simple paint job or roof replacement, to a complete tear down of the existing interiors and rebuilding nearly everything. Interior design, functional design, retail trends, after repair market values, building codes, cost of construction, constructability (availability of resources and labor to do the work), financing, insurance, taxes, holding costs all come into play for a residential redeveloper to complete a project. Novices attempting to redevelop a property often turn out unsafe repairs, incomplete repairs, or poorly constructed projects leaving the new homeowner holding more problems than solutions.
"Clean Slate Properties has become part of my success formula! Matt at Clean Slate has helped me to evaluate deals and close quickly with cash!"
This is why it is best to work with professionals, like Clean Slate Properties, if you are considering selling to a real estate investor or buying a “flipped” home. There are many people trying to redevelop residential properties the wrong way, without permits, without professional trades people doing the work, without the right knowledge. We use our proven systems, backed by a national organization of residential redevelopers, professional licensed builders and contractors, and professional project management systems to run every project the right way to completion. This is how we transform houses, lives, and communities.
Single Family Residential Redevelopment
Total Rehabilitation: The most dramatic redevelopment projects are ones where a distressed property is acquired, demolition work is completed to permit structural repairs, cosmetic and functional renovations are completed, and the property is resold on the open market. These types of projects may cost $50-$100/property square foot and must be left to professionals.
Moderate Redevelopment: Perhaps a property does not need to be rebuilt or reconfigured but needs some component upgrades such as new mechanical systems, plumbing upgrades, or an electrical system upgrade along with cosmetic features. Clean Slate Properties refers to this as a moderate redevelopment project. These projects are also best left to trades people and industry professionals to pull correct permits, pass inspections, and complete the job for costs ranging between $20-$50/property square foot.
Cosmetic Upgrade: Homes may only require a “cosmetic” upgrade where the structural components and building systems of the property are in good condition, but the home needs new flooring, new paint, and new fixtures. This updates the property and gives it a great deal of appeal to potential buyers. While a homeowner may do this work themselves, when an entire property needs to be done in a short amount of time, this creates a large expenditure using multiple contractors, sequenced in a particular order to get the job completed quickly. Costs typically range from $10-$20/property square foot and this type of project is best completed when the home is vacant.
W River Dr - Belmont, MI
Project Highlights
Property Location:
Belmont, MI
Purchase Price:
$115,000
Sale Price:
$250,000
Redevelopment Cost:
$121,000
Hold Time:
14 Months
Deal Summary
This 3 bed/1.75 bath home was converted to a 4 bed/2 bath open concept residence featuring a spectacular kitchen with center island and eat-in bar. The kitchen opens to the great room with cathedral ceilings. Located on a spectacular 2.9 acre lot, this redevelopment project required rebuilding two staircases, changing the layout of the upstairs, reconstructing a large portion of the exterior north wall to correct rot damage, exterior drainage work, new plumbing, new electrical, exterior and interior paint, all new flooring, moving the upstairs bathroom to the main level, and reconstruction of ceiling and floor joists in several areas.
Printable PDF: BelmontMI_2019Oct