Pictures of a Not So Junk $30k Rental....
After the thread by a certain member here talking about selling junk properties to owner occupants and how much of a favor he was doing them because landlords rent properties in even worse condition I thought I'd share some pictures of my latest rental purchase and rehab.
Purchase price was $30k, rehab was $17k with the following break down:
New Central A/C Cut in $2,700
Electrical $1,500
Plumbing $1,300
Bathroom $2,000
Kitchen $2,300
Appliances $950
Paint $1,600
Flooring $2,000
Misc. Caprentry $2,500
Landscaping $100
$16,950
The rehab was finished last Friday and put on the market Friday afternoon. By Monday morning I had more than 15 qualified applications at $1,100 per month for an 820 sqft 2/1. The potential tenants couldn't believe this was a rental but honestly despite the appearance most of the materials really weren't that expensive. The cabinets are from TheRTAStore.com and most of the other materials are from Home Depot (vanity and appliances are from Lowes).
Before:
After: