Issue #184October 16, 2026
Atlanta $124.9k REO Fixer — ~$35k Net at List
Four flips under $200k across Atlanta, Columbus and Jacksonville. Featured is 223 Childs Dr NW in Atlanta: $124.9k list, $16k cash in, $235k ARV, $45k rehab. About $35k net and 216% on cash at list on a 12-month hold. Childs Dr is the one card that holds up under stress. 462 Reinhard Ave (Columbus), 10933 Luana Dr N and 2054 Thomas Ct (Jacksonville) work at list only.
Financing note
Every card assumes a 10% down hard money loan at 9.95% interest-only, with rehab lender-funded. Every card carries a full 12 months of interest. Cash in is the down payment plus purchase closing costs. ROI is on cash in. Sell costs are 4.5% of ARV. All four cards are priced at list.
FEATURED FLIPCOLUMBUS HEAVY REHABJACKSONVILLE FLIPJACKSONVILLE WALK-THROUGH
FEATURED FLIP
223 Childs Dr NW, Atlanta, GA 30314
rehab & flip · Atlanta REO · feature at list$124,900
UNDERWRITING
Cash In
$16,237
Total Profit
$35,116
ROI
216%
Annualized ROI
~216%
List
$124,900
ARV
$235,000
Rehab Est.
$45,000
Sell costs
$10,575 (4.5% of ARV)
Size
3BR / 1.5BA · 1,372 sq.ft. · 1950 brick ranch · 0.18 ac corner lot · unfinished basement
FINANCING
Down
$12,490
Purchase costs
$3,747
Loan
$157,410
IO 12 mo
$15,662
Hold
12 months
OPPORTUNITY
Active $124,900 bank-owned fixer in Hunter Hills, cut twice from $139,900. 3 bd / 1.5 ba, 1,372 sf brick ranch, built 1950, on a 0.18 ac corner lot with an unfinished basement and central air. It was flipped before, so the floors and kitchen are newer, but a leak left holes in the ceilings. Renovated 3/2s nearby closed $245k to $300k this summer. Conservative $235k ARV, under the lowest renovated 3/2 sale, because it has only 1.5 baths and sits on a corner. The $45k rehab covers the leak source and a roof check, drywall and ceilings, a full second bath, paint, floor repair, a kitchen touch-up, and a basement moisture allowance.
RISK
Find the leak source (roof or plumbing) and check for mold before you write. It is a bank-owned sale, so expect as-is terms with no seller disclosures. Values in 30314 swing block to block, with recent sales from about $185k to $300k. Under stress (ARV 5% lower, rehab 15% higher) it still nets about $16.5k at list. It still nets about $20k up to roughly $138k. Rehab is an assumption.
VERDICT
Feature at list. Biggest cushion on the board. Don't go past about $138k.
COLUMBUS HEAVY REHAB
462 Reinhard Ave, Columbus, OH 43206
rehab & flip · Merion Village · experienced operators only$199,900
UNDERWRITING
Cash In
$25,987
Total Profit
$30,314
ROI
117%
Annualized ROI
~117%
List
$199,900
ARV
$410,000
Rehab Est.
$125,000
Sell costs
$18,450 (4.5% of ARV)
Size
2BR / 1BA · 1,326 sq.ft. · two-story · built 1900 · detached 2-car garage
FINANCING
Down
$19,990
Purchase costs
$5,997
Loan
$304,910
IO 12 mo
$30,339
Hold
12 months
OPPORTUNITY
Active $199,900 investor relist in Merion Village, west of Parsons. It sold at a court-ordered sale for $132,200 on September 10. 2 bd / 1 ba, 1,326 sf two-story, built 1900, with a detached 2-car garage. The interior has paneling, drop ceilings, and original baths and systems, so price it as a full gut. Renovated homes west of Parsons closed $377k to $494k since July. Conservative $410k ARV assumes a finished 3 bd / 2 ba, well under the sale on the same block. The $125k rehab covers electrical, plumbing, HVAC, kitchen, two baths, drywall, windows, and a historic-compliant exterior.
RISK
Fails stress. If ARV comes in 5% low and rehab runs 15% over, it goes to about −$9.9k at list. Historic-district review can slow permits and add exterior cost. Gut-job budgets run over, and the 2-bed layout has to be reconfigured to hit the ARV. On a 6-month hold it nets about $45.5k, so speed matters. Rehab is an assumption.
VERDICT
Feature at list for experienced operators only. Strongest neighborhood on the board, least room for error. Don't go past list.
JACKSONVILLE FLIP
10933 Luana Dr N, Jacksonville, FL 32246
rehab & flip · Sandalwood · don't pay over list$156,000
UNDERWRITING
Cash In
$20,280
Total Profit
$23,890
ROI
118%
Annualized ROI
~118%
List
$156,000
ARV
$300,000
Rehab Est.
$80,000
Sell costs
$13,500 (4.5% of ARV)
Size
3BR / 2BA · 2,224 sq.ft. · built 1973
FINANCING
Down
$15,600
Purchase costs
$4,680
Loan
$220,400
IO 12 mo
$21,930
Hold
12 months
OPPORTUNITY
Active $156,000 fixer in Sandalwood, listed October 5. 3 bd / 2 ba, 2,224 sf, built 1973. A corporate seller bought it in early 2025 and never occupied it. Utilities are off, cooling is wall and window units only, the flooring is stripped, and the kitchen and baths are dated. Smaller 3/2s nearby closed $289k to $308k since July. Conservative $300k ARV, under the two closest sales, with no credit for the extra square footage. The $80k rehab covers central HVAC, restoring utilities and checking systems, flooring, kitchen, two baths, paint, and a roof and exterior allowance.
RISK
Utilities are off, so the systems can't be confirmed at inspection, and roof age is unknown. A fresh listing at this price will likely draw multiple offers. Under stress (ARV 5% lower, rehab 15% higher) it goes to about −$3.6k at list. It still nets about $20k up to roughly $159k and stops working much past $160k. Rehab is an assumption.
VERDICT
Feature at list. Don't pay over list.
JACKSONVILLE WALK-THROUGH
2054 Thomas Ct, Jacksonville, FL 32207
rehab & flip · off St. Augustine Rd · exterior photos only$110,000
UNDERWRITING
Cash In
$14,300
Total Profit
$20,257
ROI
142%
Annualized ROI
~142%
List
$110,000
ARV
$225,000
Rehab Est.
$65,000
Sell costs
$10,125 (4.5% of ARV)
Size
3BR / 1BA · 1,187 sq.ft. · built 1942 · 0.22 ac fenced lot
FINANCING
Down
$11,000
Purchase costs
$3,300
Loan
$164,000
IO 12 mo
$16,318
Hold
12 months
OPPORTUNITY
Active $110,000 fixer off St. Augustine Rd, cut from $135,000 on September 30. 3 bd / 1 ba, 1,187 sf, built 1942, on a 0.22 ac fenced lot with high ceilings and interior laundry. The third bedroom is non-conforming. The roof is from 2012. Renovated 3/2s nearby closed $230k and $245k in August, and a smaller 3/1 closed $210k. Conservative $225k ARV, under both 3/2 sales. The $65k rehab is a full-interior allowance because there are no interior photos.
RISK
Only exterior photos are posted and the listing says no sight-unseen offers, so the rehab is a guess until you walk it. No heating system is listed. The non-conforming third bedroom may need work to count. Under stress (ARV 5% lower, rehab 15% higher) it goes to about −$1.2k at list. Rehab is an assumption.
VERDICT
Feature at list, only after a walk-through. List is the ceiling.
Status Verification
All four listings were verified Active on October 12, 2026 at the list prices shown: 223 Childs Dr NW at $124,900, 462 Reinhard Ave at $199,900, 10933 Luana Dr N at $156,000, and 2054 Thomas Ct at $110,000. No Kansas City deal cleared at list this week. ARVs are set at or under nearby sold comps. Rehab is an assumption from listing photos and text, not a contractor bid. Buyers do their own due diligence. Dealsletter is not affiliated with the listings.
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