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Extreme Flipping: See the House Bought for $1, Renovated, and Marketed for $145K

One can only imagine what the state of a home selling for $1 would be. A Minneapolis house that sold for just that had maggots living in the refrigerator, cockroaches in the oven and was generally unsafe as a living space.

Minneapolis Home Bought by DIYs Rehab Addict for $1 Now Being Sold for $145,000 After Renovations

The house before its renovation (Image: Google maps)

Minneapolis Home Bought by DIYs Rehab Addict for $1 Now Being Sold for $145,000 After Renovations

(Image: CBS Local screenshot)

All it took to bring the home back to life was $100,000, three months of working 76 hours a week, countless volunteers and the magic that only cable TV can do. The home at 3049 Third Ave. S., which CBS Local reports was actually caving in, is now on the market for $145,000.

Minneapolis Home Bought by DIYs Rehab Addict for $1 Now Being Sold for $145,000 After Renovations

(Image: CBS Local screenshot)

Minneapolis Home Bought by DIYs Rehab Addict for $1 Now Being Sold for $145,000 After Renovations

(Image: CBS Local screenshot)

Thanks to the work done by the DIY Network’s “Rehab Addict” hosted by Nicole Curtis, the house was raised up four feet, is presentable and safe to inhabit.

“People drive by this house all day long and just scream, ‘Thank you,’” Curtis said according to CBS Local. “It was all about giving back to this community, and turning this house from the biggest eye sore into a beautiful corner piece.”

Watch the report for a first look at the new home:

According to the show’s website, Curtis works specifically historic homes in Minneapolis and Detroit that have “fallen on hard times.”

Comments (24)

  • RonFromSeattle
    Posted on August 28, 2012 at 1:32am

    Many negative comments here. Too bad. For those crunching the dollars I say this: If you don‘t think it’s a good deal to be involved in, that’s fine. No one is asking you to invest in a house like this. Or to spend one red cent on such a project. But the point is it’s a beautiful historic house now that was restored. Instead of being torn down. And that neighborhood is the better for it. And I know for a fact, that Nicole does great work. So I say bravo Nicole! Nice job.

    Report Post »  
  • estilo1622
    Posted on August 10, 2012 at 3:31pm

    here is another great house flip , this house was in horrible shape check out the video
    http://www.youtube.com/watch?v=4y_3BVV3RDo

    Report Post »  
  • HongKongCavalier
    Posted on August 10, 2012 at 11:46am

    Neat but not encouraging for the for-profit home flipper.

    $44,999 of profit for three months of 76 hour weeks isn’t much unless it was one or two people doing the work. Because now you have to pay the realtor 5%, any property taxes incurred during the sales process, etc. Let‘s say it’s a three man crew that takes home $36K post sale. Sorry, but $12K for three months of double time isn’t all that great, and you tied up $100K for 3+ months. And your next flip project might break even or lose $.

    Report Post » HongKongCavalier  
    • Suzanne D
      Posted on August 10, 2012 at 2:05pm

      Are you completely out of your mind?! In this economy, there are MANY people who would love to take home $12k for three months of intensive work. Your answer shows you are out of touch with reality.

      Report Post » Suzanne D  
    • Suzanne D
      Posted on August 10, 2012 at 2:07pm

      Oh, and read the article again. They didn’t tie up $100k for three months … they tied up ONE DOLLAR for three months!

      Report Post » Suzanne D  
    • yiddishlion
      Posted on August 10, 2012 at 2:37pm

      Apparently finance is not your strong suit.

      Report Post » yiddishlion  
    • Constantine Ivanov
      Posted on August 11, 2012 at 5:54pm

      @SUZANNE D
      “They didn’t tie up $100k for three months … they tied up ONE DOLLAR for three months!” you said.

      Read the article again:
      “All it took to bring the home back to life was $100,000, three months of working 76 hours a week, countless volunteers”

      If it is not “tied up $100 for 3 months,” what is it?

      $100,000 the new owner(s) spent on the renovation/restoration, were not available for anything else = aka TIED UP.
      But you’re right: even this small profit is still good in the obama times.

      Report Post » Constantine Ivanov  
  • Detroit paperboy
    Posted on August 10, 2012 at 11:27am

    He DID ENT do it on his own, he DID ENT do that,,,,some Obama voting crackhead FOODSTAMPERS helped him…….cuz they are probably the one that destroyed it, and if they didn’t destroy he could not have renovated it……

    Report Post »  
  • bryguy84
    Posted on August 10, 2012 at 10:29am

    Nice job

    Report Post »  
  • Emerson7
    Posted on August 10, 2012 at 10:24am

    You’re doing a great public service if you take a house that should be torn down and renovate it for whatever profit you can.

    Report Post »  
  • woodyee
    Posted on August 10, 2012 at 8:51am

    Maybe she’s only breaking even or a little ahead, but I wish we had one million more citizens like Nicole and her work ethic. She is also a single mom – what a WOMAN!

    Quite the contrast to what Obammy and his acolytes would demand of her…”Erah*, you’re a Wall Street facist, erah…why don’t you just sign up for welfare, WIC, Section 8, and do what nearly 20 million Obammy voters are doing erah?

    *erah – in deference to the dead Ted Kennedy, may his corpse be rotted and his soul continue burning…

    Report Post » woodyee  
  • T-2
    Posted on August 10, 2012 at 8:43am

    I watch that show. Nicole Curtis is a cutie. That single mom is more productive in one hour than Barry in his entire life.

    Report Post »  
  • Gonzo
    Posted on August 10, 2012 at 8:21am

    You didn’t build that.

    Report Post » Gonzo  
  • ThePostman
    Posted on August 10, 2012 at 8:08am

    That doesn’t sound like a very good deal at all! People should make sound financial decisions. If the property wasn’t worth renovating, it should have been bulldozed. 1$+$100,000+76hours*4 weeks*10$/hr*3wks/mo = $107,501. Given that the house will likely sell for 130K, a profit of 20K on a 100K investment over 3 months comes out to 80% “APR”. That’s good, at 10 smackers an hour, and if the house sells instantly, not in the 9 month average (brings it back to 20% APR), but if one expects to make 20 smackers an hour, the deal is just about a wash, a 15K profit on a 115K investment – <15%.

    Still, this shows how bad the stock market is as an investment – you cannot make anywhere near these returns on Wall Street these days, unless you pick and choose carefully. And I'd say 1 dollar for a house is picking and choosing carefully.

    Still, the lot alone would be worth 20K at least, and the buyers could have bulldozed the house (2K), flipped the lot for 20K in a month, and pocketed a 1000% return on their investment.

    Report Post »  
    • DetritusScreener
      Posted on August 10, 2012 at 8:56am

      I agree with you, it should have been bulldozed. The finished, refurbished house looks nice but was impractical. It could have been bulldozed, had a contractor come in and put up a new modern, efficient house for the money.

      Report Post » DetritusScreener  
    • Jim44
      Posted on August 10, 2012 at 7:48pm

      “Still, the lot alone would be worth 20K at least”
      You know this HOW ????
      and the buyers could have bulldozed the house (2K)
      2K ????? (smiles) More likely 5-7K in most area’s…
      “flipped the lot for 20K in a month”
      Do you really think that if the lot was worth 20K no one else would not have actually thought of that ??? And to think in the current market that now vacant lot would turn over for that price in 1 month!!! Really ?
      And where else could someone get that return on an investment in that short amount of time ???… Whats paying 15 % on the Dollar ..for a less than 1 year investment ????

      Report Post »  
    • Jim44
      Posted on August 10, 2012 at 9:00pm

      DetritusScreener
      Might I as someone that works in this field … Suggest a few things??
      You say …”.It could have been bulldozed, had a contractor come in and put up a new modern, efficient house for the money.”
      How about a few things that you might not have thought about …
      ‘A houses value is based on its location even more than the structure itself… I have built the exact same home in different Subdivisions and they have an amazing price difference ..
      Subdivisions and Neighborhoods were normally built at a like time and are of like design and construction… Thus keeping their value relative to each other.. Siimilar .
      By Demo-ing and building a Modern House in a established neighborhood . You are changing the entire dynamic of that Street… It effects the values of every house in that area …And in many cases causes a trend ..Tear them down and use the lots to build new houses .
      Sounds good ? What about the home owner that doesn’t want to do that ? If the house on the Left and the House on the Right are now NEW Modern homes and you are still the older style home . YOU are in some peoples eyes causing their property to LOSE values.
      Or you just drove up the value of the property of the person that has lived there for years and now their Property Taxes go up drastically . Possibly making it no longer within their budget….
      We humans also have homes that are in an ECO System.. Based on property values and Tax bases…
      Unintended Consequences..Thi

      Report Post »  
  • huey6367
    Posted on August 10, 2012 at 8:08am

    This goes to show that with a little hard work you can make money. And, oddly, the government wasn’t involved.

    Report Post »  
  • teddrunk
    Posted on August 10, 2012 at 7:53am

    Watch who ends up buying under some government program and come back and look at it in 5 years.

    Report Post »  
  • Unbelievable
    Posted on August 10, 2012 at 7:52am

    Wowwee Yowwee… It looks amazing!

    Report Post »  

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