Like a small but growing number of Tinseltowners, Don Cheadle seems to have developed a budding thing for house flipping. The vaunted actor raked in $1,297,000 when he sold a completely overhauled and environmentally minded bungalow this summer located a short block-and-a-half from Costco in the eastern reaches of Venice.

Property records and other online resources indicate the Oscar-nominated actor (“Hotel Rwanda”), who currently stars in the satirical dramedy “House of Lies,” purchased the property via blind trust in early 2011 for $545,000. At the time, the run-of-the-mill, 1950s bungalow had two bedrooms and one bathroom in just 789 square feet. The tiny house was quickly transformed by Mister Cheadle and his wife Bridgid Coulter who runs her own boutique interior design studio in Los Angeles. They turned it into a clean-lined and eco-conscious, 1,305-square-foot dwelling with three bedrooms and two bathrooms that he first flipped on the market in early 2012 for $1.195 million.

Digital marketing materials call out radiant-heated bamboo flooring, non-toxic interior paints, an eco-ethanol fireplace, and custom cabinetry crafted with sustainable materials. The low-maintenance and drought-tolerant landscaping in the front and back yards includes recycled concrete paths, several patios and porches, and a couple of raised planter beds.

As was reported previously by a number of our celebrity property gossip compadres, in September, Mr. Cheadle, who also owns a modern mini-compound in Santa Monica’s Rustic Canyon, shelled out $894,000 for an itty-bitty, 819-square-foot bungalow just a few blocks from Venice’s terrifically trendy Abbot Kinney shopping district. If we were the wagering type — and we’re not — we’d bet the proverbial farm that Cheadle will, as with the property he just sold, remodel the existing home with his wife and turn it into a green-minded bent, selling it at a profit.

listing photos: Rodeo Realty