Desert Wolf Developers
Flip Deal Sheet · Prepared Sept 16, 2026
3248 E Holly Street
Phoenix, AZ 85008 Investor Special
6 bd / 2 ba · 1,903 sf · 7,344 sf lot · built 1951 block · ARMLS #7059779 · DOM 43
~$52K
Projected net profit
~$71.9K
Cash to close · 15% of purchase + rehab
$577,000
ARV (median, 96 comps)
$88,000
Rehab (lender-funded)
The thesis. Block-construction investor special in 85008 — close-in East Phoenix (Coronado-adjacent, minutes to the 51 & 202, Sky Harbor). Renovated 4/2–4/3 comps within a quarter-mile are closing $460K–$571K, and new-builds two blocks over hit $730K+. The 6/2 layout reconfigures cleanly to a 4/3. Buy at ~$341K + a full ~$88K down-to-studs renovation — all-in ≈ 83% of ARV — lands an ARV around $577K.
Capital Stack · 85% Lender / 15% Cash / $50K Assignment · All-in 83% of ARV
| Purchase price (seller nets) | $341,000 |
| + Assignment fee (baked into contract) | $50,000 |
| Contract price (financed basis) | $391,000 |
| + Rehab (drawn from loan) | $88,000 |
| Total project cost | $479,000 |
| = % of ARV | 83.0% |
| Lender loan — 85% of cost | $407,150 |
| = % of ARV | 70.6% |
| Cash to close — 15% of purchase + rehab | $71,850 |
| − Assignment collected at close | ($50,000) |
| Net cash out of pocket | ≈ $21,850 |
Cash to close is 15% of purchase + rehab ($479K) = $71,850. The $50K assignment comes back at close, so real money in ≈ $22K (+ ~$4–5K title/escrow). Rehab is 100% lender-funded via draws.
| Resale at ARV | $577,000 |
| − Cost to sell (10%: concessions + buyer agent) | ($57,700) |
| Net sale proceeds | $519,300 |
| − Loan payoff (principal) | ($407,150) |
| − Interest (~11%, ~7 mo) + 2 pts | (~$32,500) |
| Net at closing table (sale) | ~$79,650 |
| + Assignment already collected | $50,000 |
| − Cash paid in (down + closing) | (~$76,850) |
| Net profit | ≈ $52,000 |
The $50K assignment is ~$50K of the profit, delivered as cash at closing — that's what drops real money-in to ~$22K. It is not $50K on top. Fuller $88K gut trims profit vs. a lighter reno but de-risks the exit.
Renovation Scope — Full Cosmetic + Systems
| Demo & haul-off | $5,000 |
| Reconfigure 6/2 → 4/3 (walls + add bath) | $8,500 |
| Kitchen — cabinets, quartz, SS appliances | $14,000 |
| Bathrooms — 3 new | $12,000 |
| HVAC — new system & ductwork | $9,000 |
| Electrical — full update + 200A panel | $6,000 |
| Plumbing — full repipe | $6,500 |
| Flooring — LVP / tile throughout | $7,500 |
| Drywall repair + interior/exterior paint | $6,500 |
| Windows — dual-pane | $4,500 |
| Water heater, fixtures, lighting, landscaping | $4,500 |
| Roof — recoat / repairs (block home) | $4,000 |
| Total renovation | $88,000 |
Full down-to-studs gut to the 85008 renovated tier — sized so all-in cost (purchase + rehab) lands ≈ 83% of ARV, the max the lender funds. Roof recoat and contingency included. If the gut runs lean, the surplus is margin back.
Comparable Sales — within 0.6 mi, last 12 months
| Address | Sold | Size | $/sf | Bd/Ba | Built | Dist | Date |
|---|
Median of 96 qualifying sales = $303/sf → ARV ≈ $577K at 1,903 sf. Underwritten at the median (conservative); a top-tier finish can reach the $360/sf new-build tier.
Two conditions before writing the offer.
1) It must appraise at ARV. The loan sits right at 70% of $577K — if the appraisal comes in low, the loan shrinks and your cash-to-table climbs dollar-for-dollar. 96 comps support it, but order the appraisal early.
2) The lender must fund on ARV + honor the assignment on the settlement statement. A lesser-of-price-or-appraisal lender will not size the loan on the inflated contract — this structure needs an ARV-based rehab lender who allows the assignment.