Two first-time developers searched for just over a year and bid at around seven auctions before winning a dated one-bed in Sydenham for £285K, bought with a bridging loan. With no structural work, just a licence to alter from the freeholder, the old kitchen became the main bedroom with an en suite and one partition wall made a second bedroom and a family bathroom. The build was budgeted at £50K and came in at around £70K. They expected £450-475K when they bought; it is going to market at about £550K. Their projected profit is around £120-125K at £525K, or close to £140K at £550K. Figures are as Otis and Jay state them; the profit is a projection, not a sale.