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Renovated flip apartment on Chłodna Street, Warsaw, after completion of works
Case study · Chłodna Street, Warsaw · 50/50 investment partnership

A 50/50 investment flip
on Chłodna Street.

A private investor from Israel provided the full capital for this project; Warsaw Investor Care ran everything else — sourcing the apartment, managing a full renovation, and handling the sale. After the sale, the investor recovered 100% of the capital invested, and the remaining profit was split 50/50.

Purchase price: 445,000 PLN Sale price: 665,000 PLN Total project time: ~6.5 months
Chłodna Street, Warsaw 50/50 profit-split partnership Full renovation, 6 weeks Sold in ~4 months

This project was carried out together with a private investor from Israel, structured as a 50/50 profit-split partnership. The investor provided the full capital required to buy the apartment, cover transaction costs and fund a complete renovation.

Our side of the partnership was full project delivery: sourcing a property with genuine investment potential, analysing the deal's profitability, running the purchase process, designing a new functional layout, organising and supervising the full renovation, controlling budget and schedule, preparing the apartment for sale, presenting it professionally, and running the sale process itself.

Once the apartment sold, the investor recovered the entire capital invested, and the remaining profit was split equally between the investor and our company.

Purchase price
445,000 PLN
27.5 m² · ~16,182 PLN/m²
Renovation
96,000 PLN
6 weeks · full modernisation
Sale price
665,000 PLN
~24,182 PLN/m² · sold in ~4 months
Final profit
~107,640 PLN
split 50/50 after capital return
Structure

Partnership model

The investor funded the deal; we ran the project end to end and shared the resulting profit on a 50/50 basis.

Unlike our full-service investment case studies, where the client owns the property outright, this project was structured as a joint venture: the investor supplied 100% of the capital, and Warsaw Investor Care took on full operational responsibility for the deal — sourcing, purchase, renovation and sale — in exchange for a 50% share of the profit after the investor's capital was returned.

What the investor provided

Full capital for the purchase price, transaction costs, holding costs and the renovation budget — around 557,000 PLN in total.

What we delivered

Property sourcing, feasibility analysis, purchase coordination, layout design, renovation management, budget and schedule control, sale preparation, presentation and the sale process itself.

How the split works

In this completed project, the sale proceeds first returned the investor's capital. The remaining profit was then split 50/50. Our remuneration depended entirely on the profit achieved.

Sourcing

Finding the property

Around five weeks of searching for a small apartment in poor condition, in a location with genuine upside.

Finding an apartment that matched the project's criteria took around 5 weeks. We ultimately selected a 27.5 m² unit on Chłodna Street in Warsaw. The apartment was in very poor technical condition and needed a complete rebuild, but it had an excellent location and strong potential to increase in value.

Parameter Value
Location Chłodna Street, Warsaw
Size 27.5 m²
Condition at purchase Very poor technical condition, full rebuild required
Purchase price 445,000 PLN
Purchase price per m² ~16,182 PLN
Time to find the property ~5 weeks

See our full breakdown of Warsaw purchase costs for how transaction costs like these are typically structured.

Gallery · before

Before renovation

The apartment was in very poor technical condition, requiring a complete rebuild rather than a cosmetic refresh.

These photos show the real starting point of the project, before any renovation work began.

Works

The renovation

A full modernisation, not a cosmetic refresh — six weeks, 96,000 PLN, and a new functional layout built from scratch.

The renovation took 6 weeks and cost 96,000 PLN. This was a complete modernisation of the apartment, not a cosmetic refresh.

  • Complete strip-out of the apartment
  • Removal of old finishes, flooring and fixtures
  • Partial demolition of internal walls
  • Design and construction of a new functional layout
  • Construction of new interior walls
  • Full replacement of the electrical installation
  • Full replacement of the plumbing installation
  • Replacement of windows
  • Replacement of the entrance door and internal doors
  • New plastering and wall smoothing throughout
  • Full bathroom renovation, rebuilt from scratch
  • New made-to-measure kitchen
  • Installation of a complete set of kitchen appliances
  • Sanding and resealing of the original oak parquet
A detail worth keeping

Once the old floor panels were removed, we found the apartment's original oak parquet underneath. Despite its poor initial appearance, the floor was suitable for restoration — it was carefully sanded, repaired and resealed. This preserved a valuable original feature and gave the apartment a more distinctive, elegant character, without the cost of a full new floor.

Gallery · after

After renovation

A complete rebuild: new layout, new kitchen, restored original flooring, and a finish designed to appeal to buyers, not just tenants.

The apartment was sold without movable furniture or additional furnishing. What stayed with the property was the fitted kitchen, all appliances, the fully finished bathroom, complete lighting, and every fixed element of the fit-out — this kept unnecessary spend down while still letting the buyer furnish the apartment to their own taste.

Exit

The sale

Around four months on the market, ending at a price well above the original purchase and renovation cost combined.

The sale process took around 4 months. The apartment sold for 665,000 PLN, or around 24,182 PLN/m² — an increase of 220,000 PLN over the original purchase price.

Value uplift

The apartment's price per square metre rose from around 16,182 PLN/m² at purchase to around 24,182 PLN/m² at sale. The increase reflected the completed renovation, the property's location and market conditions at the time of sale.

Deal data

Key numbers

The full breakdown of capital invested, sale proceeds and final profit for this project.

This calculation includes the purchase price, the renovation cost, transaction costs related to acquiring the property, and the additional holding and sale-related costs incurred while the apartment was owned.

Item Amount
Purchase price 445,000 PLN
Renovation cost 96,000 PLN
Transaction costs ~11,000 PLN
Holding costs (service charge, ~6 months at 560 PLN) ~3,360 PLN
Marketing and listing costs for the sale ~2,000 PLN
Total capital invested by the investor ~557,360 PLN
Sale price 665,000 PLN
Final project profit ~107,640 PLN
Outcome

50/50 profit split

Capital returned first, then the remaining profit split equally.

After the sale, the investor received the return of the entire capital invested, around 557,000 PLN. The remaining profit of around 107,640 PLN was then split according to the agreed partnership model.

Final settlement

Chłodna Street, Warsaw · 27.5 m² · investor from Israel

Sale price 665,000 PLN
Investor's capital returned ~557,360 PLN
Remaining profit ~107,640 PLN
Investor's share of profit (50%) ~53,820 PLN
Our share of profit (50%) ~53,820 PLN
Total received by the investor after sale ~611,180 PLN
How this reads as a return

The total project profit of approximately 107,640 PLN represented about 19.3% of the capital invested before the agreed profit split. The investor's share of approximately 53,820 PLN represented a return of about 9.7% on the capital invested over the approximately 6.5-month project cycle. This is a result from one completed project and should not be treated as a guaranteed or repeatable rate.

Schedule

Project timeline

From first search to final sale in around six and a half months.

01

Finding the property

~5 weeks of searching before selecting the apartment on Chłodna Street.

02

Full renovation

~6 weeks of construction, from strip-out to finished, sale-ready apartment.

03

Sale process

~4 months on the market, ending in a sale at 665,000 PLN.

04

Total project time

~6.5 months from the start of the search to the completed sale and final settlement.

Summary

Result

A fully managed flip, with the investor providing capital only — not time, contractors, or a buyer search.

The project was run end to end without the investor needing to personally get involved in finding the apartment, the renovation, working with contractors, or the sale process. The investor provided the financing, while we were responsible for delivering the entire project in Warsaw. After completion, the investor recovered the full capital invested and received around 53,820 PLN as their share of the profit.

What happened next

After the sale, the investor redeployed the recovered capital into another buy-to-let apartment, continuing to build their property portfolio in Warsaw.

FAQ

Questions about this type of project

Common questions from investors considering a profit-split flip partnership rather than a full-ownership purchase.

How does the 50/50 profit split actually work?

The investor's full capital — purchase price, transaction costs and renovation budget — is returned first after the sale. Only the profit remaining after that is split equally between the investor and Warsaw Investor Care. We are not paid a fee regardless of outcome; our return depends on the project's result.

What happens if the apartment sells for less than expected, or takes longer to sell?

Because our share only comes from the profit after the investor's capital is returned, our incentives are aligned with the investor's — a lower sale price or a longer, costlier sale process reduces the profit available to both parties, not just one.

Do we need to be involved in the renovation or the sale process?

No. In this project, Warsaw Investor Care handled sourcing, feasibility analysis, the purchase, layout design, renovation management, budget and schedule control, sale preparation, presentation and the sale itself. The investor's role was to provide the capital.

How long does a project like this typically take?

In this case, the full cycle from starting the property search to the completed sale took around 6.5 months — roughly 5 weeks to find the property, 6 weeks for the renovation, and around 4 months to sell. Timelines vary by property and market conditions.

More projects

Other case studies

Every project looks different depending on the model, the market and what the client actually needs.

Wola — Buy, Renovate & Rent

A full-ownership secondary-market purchase, renovated and rented out for a client based in France.

Ursus — Buy, Finish & Rent

A primary-market apartment bought in developer condition, fully finished and rented out for a client based in Germany.

Your capital

Considering a flip partnership in Warsaw?

You provide the capital, we run the deal — sourcing, renovation and sale — with a profit split tied directly to the result.

Let's talk about a joint investment in Warsaw.

We source undervalued properties with genuine renovation upside, manage the full rebuild, and run the sale process — with our return coming only from the profit we help create. First consultation with no obligation.

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This case study describes a real transaction completed with the support of Warsaw Investor Care. The figures relate to this specific project and do not constitute an offer, a guarantee of future results, or financial, investment or legal advice. Real estate investment carries risk, including the risk of loss; past performance of one project does not guarantee the outcome of any future project.