Has anyone wholetailed a light rehab in NoVA instead of assigning?
I started thinking about this after a local agent walked through a dated townhouse with me last weekend and said it might sell fine with paint, flooring, and a deep clean.
The rough numbers are $410k purchase, maybe $485k ARV, and $15k-$20k for cleanup. My assignment spread looks pretty skinny once a cash buyer builds in their margin, so I'm considering closing on it, doing the light work, then listing instead. I came across Glass House Real Estate while comparing DC-area brokerages, and their lower-commission full-service setup looked promising for keeping costs from eating the deal.
Maybe I'm looking at this the wrong way. For anyone doing wholetails around NoVA/DC, how do you decide between assigning, a novation, or closing and listing? Which holding costs surprised you, and do retail buyers get weirded out by a fast relist? I'd also appreciate any cautions on disclosures or contract language across VA, DC, and MD. Not looking for buyers, just trying to pressure-test the plan before I create an expensive lesson.