FLIPPIN’ FRIDAY – PRESENTING Kailua, HI

I should be blogging about how to protect your home and/or flip projects in a hurricane considering I’m about to encounter two of them in a row while still on vacation in Hawaii… The blog title could be “101 Uses for Plywood” but to be honest, I have no idea what a hurricane is like considering I grew up in the Midwest and now live in the Desert. Nonetheless, I’m sure that it will be an interesting experience over the next few days… Hopefully, without any homes actually being flipped (literally) in the storms.

Despite it being about 11:15pm here on Thursday, it’s already Friday back home and therefore a good opportunity to start Flippin’ Fridays where each Friday I’ll provide an example of a rockin’ deal that I’ve noticed on the market somewhere in the United States. Considering I’m currently in Hawaii, I think that the island of Ohau is a good place to start. Realistically, most people don’t have $1.6 million dollars to spend on a flip project. I know I don’t, but if I did – I would love to purchase this home: 580 Kaimalino Street, Kailua HI, 96734. It’s located about 30 mins away from Honolulu and is located perfectly on the beach (check out the picture below… WOW!), with a pool, offering almost 5000 square feet with 6 bedrooms and 6.5 bathrooms. The Zestimate on this home is $2,592,675… YES! Literally 1 million dollars more than the list price. Check out the listing below:

http://www.zillow.com/homedetails/580-Kaimalino-St-Kailua-HI-96734/639400_zpid/

Screen shot 2014-08-08 at 2.24.30 AMSo what’s wrong with it? The curb appeal and green pool are easy fixes. The beach appeal (check out the photo below) needs a lot of work but could easily be remedied by doing fresh paint, adding a pergola across the entire back of the home for character and extra shade, while ideally converting part of what appears to be an enclosed patio on the beach side back to the exterior and making it a huge outdoor living room that is totally shaded by the upstairs. You can see by the awkward flooring transition that each side is raised and the middle section is lower. The lower section would become the outdoor living room and the two upper parts would stay part of the home. One would be a private beachfront guest suite accessed only from the exterior and the other would stay a dining room, but would be accessed directly from the main house as it is now. The front courtyard could also use some work too – It’s an extremely narrow space that has windows looking into windows, which can be a cool effect, but rather than having a patio below, I think it would be awesome to install a large planter and have palms growing up the middle. It’s Hawaii! Make it feel tropical!

Screen shot 2014-08-08 at 2.24.56 AM

Inside… The home has great beamed, and vaulted ceilings, very large open spaces, and what seems like a good first floor layout with an open kitchen/floor plan. I’d keep all the cool beachy interior siding/wood paneling (check out the photo below). Some of it could stay the existing color, but most I think should be painted a crisp white to make it pop. New flooring throughout the entire home is essential and of course new fixtures throughout as well. I’d probably go with an oil rubbed bronze to add some color contrast to all of the white that will take over the interior of the home. New cabinets and countertops would need to be done in the kitchen and all 6.5 bathrooms so the house has a good unified feel. With all the white siding and walls throughout, I think it would be beautiful to do dark brown stained cabinets with some contrasting light grey accented cabinets as well in strategic spaces.

Screen shot 2014-08-08 at 2.25.27 AM

There’s of course always more things than what the listing shows and what a viewer can see from photos… The remodel for this home would absolutely cost a lot (especially to make it hurricane proof), but there is also a lot of gain considering the actual potential value of the home. Maybe it will even sell for less after Hurricane Iselle and Julio are done with it! I’ve got it saved on my zillow just in case!

MY FLIP TIP:  Look for a home that’s distressed. There are unfortunately a lot of them out there, but when you find one… See what else is around it and what they’re selling for. If you see a good recent comparable sale… Then it’s probably a good flip. Example: A home seven houses down from this house on Kaimalino, just closed 4 days ago on August 4th for $2.1 million dollars and it was only HALF the size.

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