5. Palm Coast, FL.
Florida vacation home purchases are increasing and Palm Coast seems to be a convenient and desirable location in the state. Average gross profit on a flip was almost $55,000 with a 57% return on investment.
4. Omaha, Nebraska
In Omaha as well as neighboring Council Bluffs, Iowa, home sales are lower, but the return on investment is higher at 59%. Average gross profit was over $37,000.
3. Daytona Beach Area, FL
Once again, investing in Florida is a good idea. Perhaps it’s the baby boomers who are moving to warmer areas, perhaps it’s the fact that prices are relatively low in the Deltona and Daytona Beach areas. Flippers are getting a whopping 68% return on investment and roughly $45k in avg. gross profit per proper.
2. Pittsburgh, PA
Due to the high number of distressed, abandoned, and foreclosed on homes in Pittsburgh, sales prices plummeted. Flippers have seen some serious returns on investment, an average of 89% and just under $50k on average in profits. It’s not going to last long with numbers like that.
1. Reading, PA
Finally, if you really want to invest in a place where people are making absolutely stunning amounts of money off flipped investment properties, check out Reading. Average gross profit is over $100,000 and the return on investment has been as much as 131%. Reading has been recovering from the real estate slump and seems attractive to the many recently re-employed people in the area. As a result, sales have been up and people have managed to bring in a lot of money by buying, restoring, and re-selling homes.
There are a lot of factors that go into the prices real estate investors have been getting in these five cities. How attractive the neighborhood, how easy it is to get a loan on a property, and how well the renovation is conducted all play a role.
If you are considering a property rehab project and need funding, Center Street Lending can make it happen. We lend in CA, AZ, CO, UT, TX, FL & NC, up to 80% of the property purchase price as well as 80% of your anticipated rehab costs. Give us a call today at 949.244.1090, or request a no-obligation quote online. We can fund your project in as little as 24-hours!
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