How much did Dormer House cost? Bargain Block's Evan and Keith make $25,000 profit from mold-infested home
Flipping homes may look like a ton of fun, but any seasoned pro will tell you that looks are deceiving, and they mean that literally. This week on ' Bargain Block', Keith and Evan truly came across quite the fixer-upper, that was in dire need of a makeover.
The house in question was the Domer House. While it looked okay for the most part from the outside, the inside of the house was straight out of a horror film -- crumbling walls, ruined wood, and mold everywhere, the home was a safety hazard.
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For Keith and Evan, this week, the Dormer House has proved to be a real challenge. Detroit is famous for its harsh winter. The water damage to the house was extensive, seeing that the water damage ruined the entire wooden framework. The duo had a lot of work ahead, however, the house come with a few surprises
How much did Evan and Keith purchase the Dormer house for?
Although the Dormer House was in terrible condition on account of the extensive water damage and mold that had eaten right through the entire frame of the home, the asking price was $29,000. This was because the home had a feature that most Detroit houses didn't -- a functional basement with a back entrance. This allows the future owner to turn the basement into rental space, making it an additional source of income. Spaces like these instantly boost the value of the home. The asking price definitely felt rather high, but Shea was able to work her magic and get it for $24,000.
How much did the renovation cost?
For the Dormer house, Evan and Keith definitely felt the pinch, seeing that the budget for the home was $50,000, but the work to be done was quite extensive.
What was the creative vision for the house?
The creative vision for the home was all about creating a sense of opulence and luxury. Keith decided on a 'glamor and gold' theme, with a ton of patterns and accent pieces. His creative vision took precedence in the living room, where he went with a beautiful Kelly Green accent wall. In the kitchen, the focal point was on the stunning black and white black splash and gold cabinets and in the bathroom, the combination of black-spotted tiles and subway tiles won people over instantly. By the time it came to renovating the basement, the duo had roughly burned through their budget and decided to go with an industrial look instead. With a wood-panel accent wall and stained wooden floors, they converted the basement into a stunning bedroom.
How much did the house sell for?
Keith and Evan priced the Dormer home at $99,000. Selling for the exact asking price was essential in this case, seeing that they purchased it for a pretty steep amount themselves. However, the stunning home sold for the asking price, allowing the duo to make enough profit to invest in their next home.
Seeing that the Dormer House sold for $99,000 and the Palm House sold for $81,000 the duo made a profit of $25,000 on the former and a profit of $35,000 on the latter. The combined profit this week amounted to a grand total of $60,000!
Catch all-new episodes of 'Bargain Block' on Wednesdays at 9 pm ET/PT on HGTV.