[Brad02Tolar]

Ok here is the story. I have never bought or sold property in the Las Vegas area until recently. I bought a 775 sqft. 1br 1ba in Henderson that is all original with the exception of the appliances and carpet. I am asking the advice of experienced Vegas flippers. I feel the property is currently worth 65k due to condition and location. To bring the condition up to what I think would be a luxury condo I would need to install granite, renew cabinets, new sinks including hardware, new tub including hardware, new tile in bathroom and kitchen and some new fixtures in bathroom. A total of around $7500.00 in costs. Would this add 10-12k in value in the Henderson market? Please tell me why or why not it would add value.

[ddrhazy]

Look at comparables and see if they have those amenities upgraded and what their list price is.

[Packrat1]

You wouldn't be able to get that many improvements for $7,500 unless you did a lot of the work yourself. Remember that a poor job or cheap materials used in a remodel can actually reduce value.

[jjameson922]

Get the comparables and you will have your answer. Granite would eat up the majority of your budget without adding another thing. You might end up with a very nice condo but luxury condo's aren't priced in that range.

[Brad02Tolar]

Originally Posted by Packrat1

You wouldn't be able to get that many improvements for $7,500 unless you did a lot of the work yourself. Remember that a poor job or cheap materials used in a remodel can actually reduce value.

We will personally do all upgrades with the exception of granite.

[airics]

Where is the property? 1 br 775sf 65k?????

[lvoc]

Traverse Point? If you get more than 60K you are doing well. Rent it and enjoy the income. You do not want to put more money into that place anytime soon .

[NoMoreRJ]

What is the zipcode, where is the condo, how old is it and is your budget 7500 or have you gotten written quotes for all the upgrades?
The inventory is growing at the moment so I would have waited it out until I knew all of the factors going and and studied the trend of condos in henderson before buying. Sometimes, it's good to do nothing and make no money rather than lose money on a deal. Hope you got a great deal and you make money off of this condo.

[airics]

i think you may lose if you sell.... rent the condo for 600-700 and you will be ok... the biggest issue in my opinion.... i would have never bought a 1br condo. I thought about it awhile back.... 1brs were in the 30s but the maintenance fee hurts..