We want to believe that we can make money off flipping houses. There are still homes in poor condition on the market, and there is still a very strong market for beautifully updated properties since most millennials are not interested in fixer-uppers. There were more house-flipping investors in 2016 than there have been since 2007. Most of the serious investors have the process down to a science where they specialize in a specific style of home in a specific area. They know the market and have a measure of predictability with the budget. For the rest of us, experts primarily caution on over-renovating. Establish a renovation budget with the target sale price in mind. The other key consideration is location. You can fix the house, but you can’t change the location.