Little before and after pics, with numbers; we are working our way through 50 some units, this is a batch of 24 of them. These houses where owned by the Housing Coalition, and they wanted out.
We had units covered in human feces, people living in spaces with drywall missing with food and beer bottles stuffed in them. Contractors gave units nick names, like "The Crack House". Some units smelled so bad you just wanted to burn them, and move on, but it was all cometic. Nothing a good cleaning crew, carpet, paint, and new appliances can't fix.
Purchase price worked out to about $75,625.00 per unit for this set, we have two sets, with appraisal averaging in at $95k per unit at the time of buying, we are spending about $8k per unit for upgrades, and expect to sell each unit for $120k in a few years, which would net about $1,065,000.00 just for this set, and an additional NOI on rents for about $248,000.00 a year. In all, we will net somewhere around $2,700,000.00 time we hit our exit date, give or take a few hundred thousand for unexpected issues.
I keep some of the photos to a minimum for the forums sake.
Before:
After:
