Interested in Flipping houses? Read this article and if you want to find some homes in these zip codes, call me! I can help.

The investment model of buying, selling and rehabbing of houses for (hopefully) a quick profit – a practice known as “house flipping” – has been on the rise across the Triangle. According to a report by ATTOM Data Solutions, 5 percent of all home sales in the region are classified as a flip.

By definition, a house flip is a home sale sold for a second time within a 12-month period. In 2016, the Triangle recorded 1,202 house flip transactions, a year-over-year increase of 6 percent.
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The accompanying gallery features ZIP codes in the Triangle that had 20 home flip sales or more in 2016. The ZIP codes are ranked by the average gross return on investment, per the ATTCOM Data Solutions database.

Of those transactions, the median original price paid for a home was $144,870 and the median flip price was $218,892, or a gross profit of $74,022, according to the report. A flipped home in the Triangle traded on average within 188 days.

Two notable ZIP codes were left out of the slideshow because the flip totals were less than 20 units: 27601, which encompasses much of downtown Raleigh; 27608, which encompasses much of Raleigh's Inside the Beltline neighborhoods north of downtown, including Cameron Village and Hayes Barton.

Read: Inside the Beltline: Raleigh's richest streets

The 27601 ZIP code was the most profitable of all the Triangle regions with an average 244 percent return on investment for the 15 house flip transactions recorded in 2016, or an average $207,500 gross profit. 27601 also had the highest percentage of flips with 10.2 percent of all home sales in 2016 classified as a flip.

The 27608 ZIP code also performed strong with an average ROI of 165 percent on the 10 flips recorded in 2016. The average gross profit in the 27612 area was the region's highest at $396,250.

Here are a few other fast facts gleaned from the database of home flipping results in 2016:

Most house flips: 27610 (southeast Raleigh) with 85 flips in 2016
Quickest turnaround to sale: 27516 (Chapel Hill) at 118 days
Slowest turnaround to sale: 27617 (Raleigh’s Brier Creek) at 268 days
Lowest median purchase price: 27701 (downtown Durham) at $50,000
Smallest profit (or loss): 27614 (Falls Lake in north Raleigh) with a $250 average loss on 22 house flips

Nationally, home flipping activity was up 3 percent in 2016 to a 10-year high. Homes flipped in 2016 sold for a median price of $189,900, representing a gross flipping profit of $62,624 above the median purchase price of $127,276 and representing a gross flipping return on investment of 49.2 percent.

“Home flipping was hot in 2016, fueled by low inventory of homes in sellable or rentable condition along with a flood of capital — both foreign and domestic — searching for the returns and stability available with U.S. real estate,” stated Daren Blomquist, senior vice president at ATTOM Data Solutions, in a news release with the national report. “Investors in search of flipping returns are increasingly willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount.”
Here's the link to the slide show of zip codes:…/flipping-houses-the-most-profi…

Amanda Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate