Greenest Homes LLC: Emily St.
Greenest Homes is the rehab company of ILPH real estate agent Emily Downs and her brother, Sebastian Downs.
Acquisition: September 2019
Purchase Price: $160,000
Soft Costs: $19,000 (financing, closing, building plans)
Expected Renovation Bill: $90,000
Expected Price to Sell: $325,000
Total Expected Profit: $56,000
What is the actual profit? Read on to find out…
Plan:
The plan is to do a full gut rehab on a two story home in the neighborhood around 6th and Snyder in South Philly. At 917 square feet above ground, the three bedroom setup was cramped. The plan was to make it a more luxurious 2 bedroom, create an open concept in the closed-off first floor, and clean and paint the basement to make it useable.
Hiccups Along the Way
The whole property was gutted but once this step was complete, contractor issues — as are so rampant in this Philadelphia rehab market — started to arise. After experiencing two detrimental no-shows with contractors who were working on the job, a third reliable contractor was finally secured to bring the project to completion.
Almost Complete: Getting Ready to List
The property went from Beast to Beauty over the wintertime, and the finishing touches really make it a unique rehab among a sea of all-white rehabs in South Philly and beyond. Emily’s style really gives homes a special flare. Sebastian toured the team through the property in mid-March and covered the financial details and decision making on this project.
