What it sells for finished
Your ARV from sold comps — finished houses, same pocket, similar size, recent. Use the boring comps, not the outlier. The bank's appraiser will grade this number later.
Rehab, in trade buckets
One number per trade, labor and material together. Licensed people on licensed trades. Leave a bucket at zero if the house doesn't need it — but walk every room before you decide it doesn't.
Every dollar here comes off your max offer, dollar for dollar.
Holding costs
What it costs you every month you own it, times your whole timeline — remodel plus time on market. Be honest about the timeline. First flips run long.
Stretch the timeline and watch this grow — slow is the expensive way to be careful.
Selling costs
Commission plus closing costs. If you're not an agent, budget the full commission.
All-in has to land at 78–80% of ARV or less. Most houses fail this math. That's the system working. Not sure where to start? Load the sample deal in Step 1.
The check at closing is the scoreboard: sale price minus everything — loan payoffs, whoever you borrowed from, selling costs. This projection assumes you hit your budget. Something will run over. That's what the contingency is for.
The bank check
You need a signed contract before the bank does anything. Then the bank orders an appraisal — the as-completed value — and everything swings on that number. Most banks lend around 80% of it, and some still want a percentage of your cost down.