How to generate 650% ROI
This property was an estate. We were approached by the Personal Representative to help determine value and strategize an approach to the market that would maximize returns for the heirs, while also prioritizing speed. The baseline as-is value was determined to be $950,000 to $985,000. His goal was to get over $1,000,000.
We focused on a few high-return improvements and refreshes to radically shift the look and feel of the home, highlight its features and bring it from "mom's house" squarely into the territory of desirability for its most likely target buyers. Paint moved us from a dated yellow-and-terra-cotta color scheme to something more crisp and contemporary. Black trim on the exterior dialed up the drama and contrast. New sod in front revived a ragged, dead lawn. And the right staging highlighted the Mid-Century aspects of the home, as well as the ADU potential on the lower level. Critically, all of these elements allowed us to create more powerful digital imagery and print assets.
The results? By spending $35,000 on merchandizing the home and preparing a high-end marketing package, we felt a list price of $1,050,000 was now justified. After record-breaking numbers of showings and open house attendance (100 people in 2 hours), we received 7 offers and sold all cash with no contingencies for $1,215,000. So we were able to generate a 650% return on the seller's $35,000 investment, thanks to our analysis, strategic advice and careful marketing package (from a home value of $985,000 to $1,215,000).
Here are the marketing remarks we used for the listing in the MLS:
Pick your mix: a variety of sweet spaces for living and/or income. Mid-Century bungalow, already great, with big up-side potential. The main floor is essentially a crisp 2br/1ba home opening onto an awesome patio and back yard. Ideal for 1-level living. The fully finished lower level is already set up for full-floor ADU potential, part-floor VRBO, or claim it all for your own needs. To make lower level bedroom areas conforming, add window wells for legal egress. And then there's the huge detached 2-car garage on the alley; currently rented to a neighbor. Keep doing that, use it yourself, or look into conversion to a DADU. There are so many options here! Walk to Discovery Park and Magnolia village shops from your peaceful block.