From Wreck to £87k Sale: Our First Property Flip in South Wales

The Deal at a Glance

Metric	Amount
Purchase Price	£35,000
Stamp Duty	£0 (under threshold)
Estimated Refurb	£22,000
Actual Refurb	£25,000
Legal Costs	£1,000
Holding Costs	£3,000
Sourcing & PM Fee	£5,000
Total In	£69,000
Sale Price	£87,000
Gross Profit	£18,000

This was our first ever property flip, completed in August 2019. No previous experience. No building contacts of our own. Just a sourcing agent, a project manager, and the willingness to take a shot.

Here is how it went.

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Finding the Property

The property was a mid-terrace in Brynmawr, South Wales. It came through a sourcing agent who had flagged it as a potential flip or BRR opportunity.

At £35,000 the price was low enough that stamp duty was not a factor. The area had comparable sold prices in the £80,000 to £90,000 range for refurbished terraces, so the numbers looked strong from the start.

We ran the deal through the calculator and it stacked up well on both a flip and a BRR basis. The projected refinance value was £80,000, but we felt the actual resale could push higher with the right finish.

What We Were Working With

The property was in rough shape. Old wallpaper peeling off the walls, a dated bathroom falling apart, a kitchen that needed ripping out entirely, and general wear throughout.

Every room needed a full strip back and redo. That said, the bones of the house were solid. No structural issues, no damp problems, just years of neglect.

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The Refurbishment

We hired a project manager to oversee the work. For a first flip this was a deliberate choice. Yes, it added cost (included in the sourcing and PM fee), but it meant we could learn the process without being on site every day.

The scope of work included:

• Full rewire and new consumer unit
• New central heating system
• Kitchen stripped and replaced with new units, worktops, and appliances
• Bathroom stripped and refitted with new suite, subway tiling, and patterned floor tiles
• New carpets throughout the living areas
• Full redecoration in neutral tones
• New flooring in kitchen and bathroom

The original estimate was £22,000. The final bill came in at £25,000. A £3,000 overspend is not ideal, but for a first project with no direct trades contacts, it was a lesson learned rather than a disaster.

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The Finished Result

The transformation was significant. Every room went from tired and dated to clean, modern, and ready to sell.

Kitchen

New white gloss units with dark worktops and statement patterned floor tiles gave the kitchen a fresh, contemporary look.

Living Room

New grey carpet, fresh white walls, and a clean staircase made the open-plan living area feel spacious and inviting.

Bathroom

White subway tiles on the walls paired with the same patterned floor tiles from the kitchen tied the property together nicely.

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Flip vs BRR: Why We Chose to Sell

We had two realistic exit strategies on this one.

BRR route: Refinance at a projected £80,000, pull most of our money out, and hold it as a rental generating roughly £425 per month. This was a solid option and the numbers worked.

Flip route: Sell on the open market and take the profit now.

We chose the flip. As a first deal, getting the money back quickly and banking a profit felt like the right move. It gave us capital and confidence to go again on the next one.

The Sale

The property went on the market through Darlows in Brynmawr. We had projected a sale around £80,000 based on conservative comparable evidence.

It sold for £87,000.

That was £7,000 above our projection and turned a good deal into a great one.

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The Final Numbers

	Projected	Actual
Purchase	£35,000	£35,000
Refurb	£22,000	£25,000
Legal	£1,000	£1,000
Holding	£3,000	£3,000
Sourcing & PM	£5,000	£5,000
Total Cost	£66,000	£69,000
Sale Price	£80,000	£87,000
Gross Profit	£14,000	£18,000
ROI	21.2%	26.1%

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What We Learned

1. A sourcing agent can be worth every penny on your first deal. We would not have found this property on the open market. The sourcing fee was baked into the numbers and the deal still worked.

2. A project manager takes the stress out of a first refurb. We did not have our own trades contacts. Hiring someone who did meant the project ran smoothly and we learned how the process works for next time.

3. Refurb budgets will stretch. The £3,000 overspend was manageable because we had headroom in the deal. Always leave a buffer.

4. Conservative projections protect you. We projected a sale at £80,000 and got £87,000. If it had sold at £75,000 we still would have made money. That margin of safety matters.

5. Your first deal does not need to be perfect. It needs to make money and teach you something. This one did both.

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Would We Do It Again?

Already on the next one.

The first flip proved the process works. Find a deal with strong fundamentals, manage the refurb sensibly, and sell into a market where the numbers are backed by comparable evidence. Nothing fancy. Just solid execution.

If you are thinking about your first flip, stop overthinking it. Run the numbers, make sure the deal stacks up with a margin of safety, and take the shot.

Want to run your own deal numbers? Try our property deal calculator to see how your next investment could look.