Investor · Colorado Springs, CO · Member since 2016 · 3 posts · 2 votes
Earlier today I viewed an unoccupied duplex in Colorado Springs. I compared typical rents in the area and with sub-metered units, I'm easily looking at a cap of over 10%. There are plenty of little things, inside and out, that need to be patched up which I feel more than confident I can handle. My only concerns are over the front and back yards. They definitely need to be redone. There is a dead tree in the front yard, a dilapidated shed in the back, and the patchy grass in the front yard needs to be redone or replaced with gravel. Additionally, the wooden fence needs to be reinforced.
Has anybody dealt with an overhaul of a property's front and backyard? Can you outline the experience? What ended up being more complicated than you thought at first? Are there any tips you can offer? I'm strongly considering putting in an offer pending a 4PX I'm viewing tomorrow. Thanks!
@Jonathan Mueller all it takes is money. Sod or seed would be wasted. Less than 1 in 10 tenants will water it. Less than 1 in 100 will take care of it in a manner that will keep it nice. My advise, fix up the shed the best you can. Make sure the roof will turn water, Mow the weeds, water and fertilize. Keep it mowed short and you will be good to go until it's rented. It's my opinion that you most have storage for tenant's stuff and any money spent on landscaping is wasted unless your target tenant is class A.
Must be nice to have the luxury of waiting until you look at a second property to make the offer on the first. Here if you wait a day it will be gone.
I haven't had to do this at a rental property but just some feedback from growing up and helping my dad with a large yard and lots of trees.
The dead tree: depending on how large it is and how close it is to power lines you may be able to do it yourself. Another thing to consider is whether or not you are ok leaving a stump or need to completely remove it. The roots can be deceivingly deep.
Shed: should be relatively easy to remove, if there is a cement slab below it that can be the hardest part. If you don't want to break up the concrete, you could put some patio chairs on it or a raised garden bed to add something to the back yard.
Yard: if it's just patchy you could reseed it. laying sod or using gravel is pretty easy project. I would do now in spring before the summer heat.
The toughest project might be the tree, depending on how large...if so get a couple quotes from tree removal companies. If it's big and needs to be climbed and/or is close to electric lines it can get spendy (can be over $1K).
@Jonathan Mueller all it takes is money. Sod or seed would be wasted. Less than 1 in 10 tenants will water it. Less than 1 in 100 will take care of it in a manner that will keep it nice. My advise, fix up the shed the best you can. Make sure the roof will turn water, Mow the weeds, water and fertilize. Keep it mowed short and you will be good to go until it's rented. It's my opinion that you most have storage for tenant's stuff and any money spent on landscaping is wasted unless your target tenant is class A.
Must be nice to have the luxury of waiting until you look at a second property to make the offer on the first. Here if you wait a day it will be gone.
@Marcel Theisen Thanks for your feedback! It's not a large tree at all, but removing one is not something I have ever attempted - I do feel a little more confident about it as a do-it-yourself job. Also, the shed is located in the front yard and was built over a paved parking space (as of now, there is only 1 spot for that unit.. if the shed is removed there will be 2).
@Bill S. Great feedback, I appreciate it. I've heard the market is especially tight up there in Denver. Thanks, again!