Big Single-Family Landlord to Spend $1 Billion on Home-Flipping

One of the largest single-family landlords in the U.S. is betting more than $1 billion that it can use the tools it developed for buying and managing rental houses to forge a new business serving ordinary homebuyers.

Amherst Holdings, LLC which owns or manages about 20,000 single-family rentals, is launching a subsidiary to purchase, renovate and resell properties, combining the home-flipping business with new features to simplify the consumer experience of buying a home.

Amherst has already spent $225 million this year to roll out Bungalo Technologies LLC, as the unit is called, and plans to invest $1 billion next year, according to Drew Flahive, president of Amherst Residential. The service launches this week with 25 homes listed for sale in Dallas and 10 more in Tampa, Florida, with prices ranging from $220,000 to $560,000, offering fully renovated kitchens and bathrooms, new flooring and fixtures, and smart-home appliances.  Click here for the full story.