The classic Idaho Falls flip is a 1950s or 1960s brick or frame ranch with a full basement, original kitchen and a furnace that has seen better days. Finish the basement properly, open up the main floor and update the systems, and the house sells to local families who want space at a price they can afford.
In short: LendingStreet funds fix and flip loans for 1-8 unit investor properties in Idaho Falls, Ammon, Rigby, Shelley and Rexburg, from $150,000 to $5M+. Programs go up to 90% of total cost and up to 100% of rehab on some files, with interest-only payments and closings in as little as 10 days. You exit by selling or by refinancing into a DSCR rental loan.
Mid-century ranches on the west side and in older east-side neighborhoods are the core of the Idaho Falls flip market. Many have unfinished or partly finished basements, which is where much of the added value comes from. Split-levels from the 1970s offer similar opportunities with more square footage.
In Ammon, flips tend to be cosmetic updates on 1990s and 2000s homes. In Rigby and Shelley, lower prices make the $150,000 minimum loan size something to plan around; combining purchase and rehab usually clears it.
Estate sales are another steady source of flips. Many older Idaho Falls homes have been owned by the same family for decades and come to market with original finishes, older furnaces and basements that were never fully finished. Those houses often have solid bones, brick exteriors and good lots, which is what makes them worth the rehab.
Flip loans are sized on total cost, meaning purchase price plus rehab budget. Some programs go up to 90% of that cost and fund up to 100% of the rehab through draws released after inspections. The after-repair value must support the plan.
A line-item scope and contractor bid speed up review. Plan for the first draw to come after work begins, so keep cash to start.
This example is illustrative and not a quote. An investor buys a 1960s Idaho Falls ranch for $268,000 and budgets $72,000 to finish the basement with two bedrooms and a bath, add egress windows, replace the furnace and update the kitchen. Total cost is $340,000.
At 90% of cost the loan is $306,000, so the investor brings about $34,000 plus closing costs. Estimated interest-only payments over a 5-month project are about $14,025.
If the home sells for $428,000, after about $27,820 in selling costs and about $10,500 in purchase closing and carrying costs, the estimated profit is about $35,655.
Most of the value in this example comes from the basement. Turning unfinished space into two legal bedrooms and a bath adds livable square footage that buyers and appraisers count, at a cost per square foot well below an addition. That is the typical Idaho Falls flip formula, and it only works when the basement is dry and the work is permitted.
| Item | Amount |
|---|---|
| Purchase price | $268,000 |
| Rehab budget | $72,000 |
| Loan (90% of cost) | $306,000 |
| Estimated interest, 5 months | $14,025 |
| Selling costs | $27,820 |
| Closing and carrying costs | $10,500 |
| After-repair value | $428,000 |
| Estimated profit | $35,655 |
Basement bedrooms need egress windows and proper ceiling height to count as bedrooms, and finished space generally needs permits for framing, electrical and plumbing. Appraisers and buyers' inspectors in Idaho Falls know the difference between permitted and unpermitted basement work.
Check for moisture before you finish anything. Spring runoff and high groundwater in some areas near the river can cause seepage, and a damp basement will undo a nice remodel.
Radon is common across much of Idaho, and many buyers test for it. Installing a mitigation system during the basement finish is usually cheaper than adding one after an inspection request.
Eastern Idaho winters can stop exterior work and slow inspections. Roofs, siding, concrete and landscaping are best done from late spring to early fall. Interior work, including basements, can run year-round, but you will pay to heat the house.
The resale market slows in winter too. If you can, time the listing for spring and early summer.
Work inside Idaho Falls is permitted through the city's building division; Ammon, Iona, Rigby and Shelley have their own departments, and unincorporated areas go through the county. Older homes built before 1978 require lead-safe practices on painted surfaces.
Ask the city about permit timelines before you close, especially in the spring and summer building season when inspectors are busiest. A delayed final inspection can hold up your listing, and interest keeps running while you wait.
Buyers are often local families, INL employees and contractors relocating to the area, and first-time buyers. They want updated kitchens, a finished basement, a garage for winter and an efficient furnace. Overspending on luxury finishes rarely pays back at Idaho Falls price levels.
Buyers using FHA, VA or USDA financing, which are common in eastern Idaho, bring appraisers who look closely at condition, peeling paint, handrails and safety items. Finishing those details helps the sale close on time.
If prices soften, many investors refinance into a DSCR loan and rent the home. With a legal basement unit, the property can produce two rents. See /bridge-to-dscr-loan-guide.html for how that refinance works.
A finished basement with egress, a separate entrance and its own systems can also be built as a legal second unit where zoning allows, which gives you a stronger rental if you decide to hold.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, rehab budget and target resale through the form below or call (877) 298-1001. See our Idaho fix and flip page for statewide context.
In as little as 10 days with clear title and a complete file.
Fix and flip loans start at $150,000. On lower-priced homes, the combined purchase and rehab budget usually clears the minimum.
Some programs fund up to 100% of rehab through draws, within an overall limit of up to 90% of total cost.
Yes. Bedrooms need egress windows to meet code and count as bedrooms.
Interior projects work year-round. Exterior work and some inspections are easier in warmer months.
No. Idaho has no real estate transfer tax.
Yes. Many investors refinance into a DSCR loan once the home is leased.
Experience helps terms, but some programs work with first-time flippers who have a qualified contractor.
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