LVP or peel & stick floor for class C apartments??

Question

Bigger Pockets!

I would love to hear some of your opinions and experiences regarding flooring.
Do me a favor. Sometimes it's easy to jump to a conclusion about what's "better" based on one's personal experiences and situations. Please see if you can help me realize the best move based on my specific situation.

Asset - Class C apartment building built in the 1960's.

Tenant class -Mostly blue collar hourly workers, usually families.  rents $700-$750 in columbus

Unit type - 2/1 townhouse style apartment, 2 stories with BR and BA upstairs.

Investment objective - 5 year hold. Renovate units to increase rents and dispose at a profit to trade up

Current rents are over 25% below market. Units are very outdated and run down. We want to do small upgrade in finish to raise the rents.

My partner and I are looking for the best bang for the buck.  We are looking to be agile and nimble in renovating the units. Flooring seems like a big cost.  We see that a lot of LVP's are $3-$4/sqft plus labor.  The latest vendor quoted about $6/sqft installed, and another said that he thinks that he can do for $5/sqft installed.

An investor that we know told us that she uses peel & stick floors.  They run about $.97/sqft for material. Obviously we need to add labor cost, but the material cost is 50-75% cheaper than LVP.  It's known that quality LVP lasts longer than cheap stick & peel, but the question is - does it make sense mathematically to invest more upfront?

I have heard that peel & stick suffers a bit from indentation, so when a tenant moves out, a new floor is in order.

I'm thinking that if LVP costs $6/sqft to install, about $3/sqft is labor.  so if we assume that the labor is the same for peel & stick, it's about $4/sqft installed.  So LVP is about 50% more expensive.  This tells me that if the LVP will last at least 50% longer than peel & stick, it may be worth it.

What are your thoughts and experiences with peel & stick?  Am I looking at it the right way?  It seems like the quality/durability of these products have improved in recent years.  Again, I'm not looking at this from the perspective of someone that's going to hold it for 10-20 years where the most durable material is the best.

Thanks in advance

Jill F. · Answer

lowes and home depot haveclick lock rigid core LVP on sale from 1.49-1.59 in a selection of colors. It's easier to install than peel & stick and looks better.

Mike Montana · Answer

@Ki Lee  It is always a challenge weighing the cost-benefit of flooring.  No matter what you chose some tenet will find a way to tear it up.  In 20+ years of owning and operating C and B class multifamily properties we have found the LVP click together free-floating product seems to be the best overall investment.  Like anything they are not all created equal, the key is a good durable wear layer and to pick color and pattern that doesn't show scratches yet also timeless in style.  We are currently using Shaw Impact installed around the $3.50-$4.00 price range.  You ought to be able to find products in the range of $2.25 or less and install no more than $2.25 all in (including standard floor prep and 1/4 round installation).  You mentioned Columbus is that OH?  If so DM me I may have an installer in that area.

Happy Investing!

Evan Polaski · Answer

@Ki Lee I think you are generally good with either.  In my experience, the LVP does feel a little nicer, but for a rental, especially C, won't matter.  The key with both is having a perfectly smooth and solid subfloor.  If there is any flex or inconsistencies both will suffer.

I have had, what I believe is TrafficMaster, in a property for 8 yrs now, and still looks great.  It has a wood grain texture that hides any little dents or scratches.  I have also put it in another property 1 year ago, and you can see it rising and separating at spots because the subfloor isn't perfect.  Same can be said for LVP that I just put in a flip.  There are soft spots where the patching of old vents isn't perfect, and a couple panels pulling away from each other slightly in a corner with a soft subfloor.

Ki Lee · Answer

Thanks for all the suggestions, guys.  It seems like LVP is a little costlier, but maintaining it would be easier and cheaper.

Kenneth Chen · Answer

(An investor that we know told us that she uses peel & stick floors.  They run about $.97/sqft for material...)

Dear @Ki Lee,Bravo on the apartment property, sounds very exciting. Just curious, do you know which particular brand and version peel and stick your colleague uses, and how long it lasts for her?  5 years seems like it will go by quickly, and most floors may last that long if treated fairly well. If you plan to sell in 5 years, might you wish the floors to still look new ish? In this case, may it be worth investing in a most durable floor, so you do not have to worry about doing the floors again in 5 years?

I currently have trafficmaster allure which I believe Brandon Turner mentioned using several years ago. It is currrently $1.98 sq ft and after two tenants and two years it still looks new. I am curious about the $.98 sq ft peel and stick though, if it could last 5 years, I would put in the unit I am living in now and save the $1000 to put toward the next duplex we buy.

As a side note, I have read in other discussions some landlords prefer to always buy standard floors, which are always in stock and easily available, in the event you need to match it later for repairs, or to use in units you buy in the next few years.

Best wishes with this project. Eager to hear how you guys proceed.

Remington Lyman · Answer

Hardwood

Erik W. · Answer

@Ki Lee, hi and welcome to BP!

I'm a firm believer in Vinyl Plank and in doing the job right the first time.  I use a brand called "Trafficmaster" that is only available thru Home Depot.  It has overlapping glue strips and installation is very similar to tongue and groove laminate.  Cost is around $1.80 / sq foot, so kind of a nice "in between" price point between the two options you are considering now.  I pay about $1 / sq ft to install it.

I have some of these floors going on 10 years old and they still look great.  If tenants tear up a piece or a section, they can be cut out using a box knife and replaced easily enough, or if your help has a little patience they can be removed using a hair dryer or heat gun.

My favorite color (cherry) is on sale right now.  Put this down with white trim baseboards and you have a floor that "pops"!  See link below.https://www.homedepot.com/p/TrafficMASTER-Cherry-6-in-W-x-36-in-L-Luxury-Vinyl-Plank-Flooring-24-sq-ft-case-12012/100593151

Peter M. · Answer

@Ki Lee I like the glue down type (adhesive separate not the peel and stick kind) for concrete subfloors and click together for plywood so you don't destroy it when time comes to redo it

Jorge Cajamarca · Answer

@Ki Lee I just bought LVP for kitchen and small bedroom. I bought the LVP for kitchen from floor and decor for 2.09 a square ft and it looked great and is 12mm thick which is better than most you will find in HD or Lowe's.

LVP or peel & stick floor for class C apartments??

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