Selling a rental property in Las Vegas – Remodeling Cost
I bought a rental property (SEO) in Vegas in 2009. The pricing has gone up quite a bit but the rent stays the same. Although it still cash flows, I’m trying to get the dead equity out to buy more rental properties here in TX (where I live). The cash-out refinancing doesn’t make sense at this point so I’m trying to put it on the market this month.
This is a SFH with two stories, 3/3 and 1,600 s.f. The tenant just moved out. The house is in pretty good condition but we want to do some renovations so it can sell faster with a better price. Our realtor/property manager is going to get two bids. First bid just came in today and is much higher than we thought. The following are the scope and pricing.
Scope
Fresh paint: entire interior (walls, doors, casing and baseboards): $2,300
Laminate wood floor: in living room, hallway, dining room and entry: $2,300
Granite: countertop and island including stainless steel sink and faucet: $2,250
New carpet: stairs, second-floor bedrooms, hallway and closet.
New lighting fixtures: 4 in bathrooms: $600
New Microwave: $400
New baseboard (first floor): $300
Caulking in bathrooms: $150
New decorative switches (first floor): $150
Total pricing: $9,300 for material and labor
When we walked through the property with our realtor last month, she thought that we should be able to stay within our budget of $5,000 for the scope. She was also surprised with the much higher bid. While we are waiting for the second bid, I would like to ask those of you who are familiar with the remodeling cost in Vegas: is $9,300 a reasonable pricing on the scope for this size of property? Any suggestions and advice are highly appreciated!