First two SFRs done and leased!
Sorry, but this is going to be a long post. We bought our first two properties last fall and have completed both rehabs and have both properties leased as of Jan. 4th.
The first property is a 3/1/1 936 s.f. in a decent area. We bought it for $27,000 9/25/13 and put $10,800 in rehab which included stablizing the foundation with 9 beams and leveling the floors, refinishing hardwood floors, re-converting 2br to 3br., tub surround, kitchen/bath flooring, texture and paint int., new ceiling fans throughout. This one is now leased for $675. It took about a month longer than anticipated, but I did a lot of the work myself. Counting closing costs and carrying costs were in it for about $41,000. which gives us 1.65% return which is about average for our area. We have a local bank that finances investment properties for purchase price plus rehab costs up to 70% ARV, so the only money I have invested at this time are the carrying costs during rehab.
Before pics
This picture shows where they knocked out a wall between bedrooms 1 and 2 to make one big bedroom.
After pics
Bedroom #1
Bedroom #2