How we found it
Identified on-market as an undervalued property. Primary residence purchase with a dual purpose: live-in while building equity and executing a value-add renovation, with the intention of converting to a BRRRR rental once residency requirements were satisfied.
Acquisition
Purchased in June 2024 via a primary residence loan. The condo was in livable but dated condition: older appliances, carpet on the upper level, and no smart home infrastructure. HOA financials reviewed at acquisition showed no material red flags.
Renovation
Executed a comprehensive modernization covering a significant interior refresh, exterior upgrades, and a complete smart home buildout. Over the course of the hold period, several major systems and finishes were updated and improved which significantly increased the property's appeal and market value.
Exit & Rationale
Strategy pivoted from BRRRR to fix-and-flip after post-acquisition ownership revealed latent operational risks that were structurally invisible to standard underwriting. These only surfaced through active participation in the community. Once identified, the risk profile was deemed unacceptable and trending in the wrong direction leading to a decision to sell the property in August 2025.
After — exterior & interior
Before — acquisition condition
Exterior improvements
- EV charger installed in garage
- Garage tile flooring installed
- Garage shelving system
- Solar backyard lighting
- Backyard fully landscaped
- Patio, driveway, sidewalk, and front steps pressure washed
- New washing machine in garage
- Updated exterior patio light fixture
Interior improvements
- Frigidaire Gallery stainless steel appliance suite
- LVP flooring on stairs and full upper level, replacing carpet
- Gila Titanium window film — heat control, UV blocking, and privacy
- Recessed lighting installed in kitchen
- Modern studio lighting replaced dated ceiling fan in living room
- Full interior repaint throughout
Smart home buildout
- Level Lock+ smart deadbolt
- Meross MSG200HK smart garage door opener
- Logitech Circle View video doorbell
- IKEA FYRTUR motorized smart blinds
- Eufy S120 solar-powered backyard security camera
- Ecobee smart thermostat with 2 remote temperature sensors
HVAC system replacement
- Bosch 2-ton variable-speed inverter heat pump
- BOVA15 condenser unit
- BVA15 air handler unit
- 15 SEER2 rating — significant efficiency upgrade over prior system
- Full system replacement, not repair
Strategy Note
In this instance, HOA risks were structurally invisible until living inside the community. Deferred infrastructure liability spread across a shared building and HOA board dysfunction isn't always apparent in financial statements. They surface at owner meetings and in neighbor conversations. That distinction has led to a change in our entry criteria: we prefer to avoid HOA-governed properties entirely.