My first Victorian Style Home Rehab
I am PUMPED about doing a major rehab on a really nice 60 year old home situated on one of the most scenic lots in Inner City... it has 4 of the largest oak trees around on a lot over 8,000 sq. ft. in size!
You gotta have VISION to see beyond this exterior...
The trees are AMAZING... (not sure when I became a tree-hugger!?!?!)
BIG, SPACIOUS rooms and original Hardwood floors in EXCELLENT condition!
In Houston, commute time and proximity to major thoroughfares is of ultimate importance and this property is located within 5-7 minutes of several major highways plus University of Houston, Texas Southern University, The Med Center and the Metro Rail.
Purchase Price: $65,000
Projected Repairs: $80,000
Projected ARV: $225k - $240k
Right now I am finalizing our budget numbers on this one but the scope of work needed on this is as follows:
- New siding
- New plumbing & electrical wiring
- New Roof (30 year composition)
- New Front Porch & Portico
- Replace rotted wood on small addition for the hot water heater
- New Site Built Cabinetry and Extensive Crown Molding trim & builts
- Open the Dining, Living & Kitchen walls to one another (Open Concept)
- Increase the Living Room ceiling height to 9.5 feet
- Sand & Stain floors
- Replace (1) window (Amazing enough ALL the windows are in STELLAR condition!)
- Build 1 Car Detached Garage (pad is already there
- Extensive Landscape package & privacy fence around rear
- Granite Countertop & Island, Travertine backsplash
- Tile flooring in bathrooms
- Reconfigure 2 closets and a full bath into 2 bathrooms
I will update once I finalize the budget numbers but there are some exciting prospects for this property and the area in general. In fact, I have already identified subsequent deals which I will either have to ramp up and take them down personally or seek some strategic partnerships... We will see!
Oh, as far as financing this will be an all cash deal on the purchase with the repair monies coming from a Private Lender for percentage of the profits on a graduated scale based on the ultimate sales price.
More details to follow...
Would love to hear your thoughts on the scope of work and budgeting ideas; also would love to hear from anyone who specializes in rehabbing older homes!