02/26/08 11:49am

6323 Deerwood Rd., Woodway Glen, Houston

Here’s the plan: Buy a fourplex on a cul-de-sac near the intersection of Woodway and Voss. Do some painting, replace the roof and repair the exterior, put in granite countertops and stainless-steel appliances in one of the units and new appliances and carpet in the rest. Then . . . convert the place to condos, and flip them one at a time!

Except . . . there are a heck of a lot of condos out there in the $150K-$230K range, and selling is tough.

Bummer. But there’s still a moneymaking way out: If you can’t make the condo flip yourself, that doesn’t mean you can’t sell someone else on the idea of doing it. And you’ve already done the conversion work!

Just listed on MLS: 6323 Deerwood. Four units built in 1975, totaling 7,564 square feet, on a 10,171-sq.-ft. lot. Apartments lease for $1200 and $1400. Asking $645,000:

Units have already been condo converted! Investor can sell units separately or keep as a fourplex.

Will consider seller financing!

After the jump: the renovated innards.