Options for my 20k est. repair costs Indianapolis SFR
Hey BP looking for some wisdom from the more experienced investors out there. I have my 1st turnover on my Indianapolis rental property. It is looking like it will need 20k in repairs/improvements to make rent ready. This is by far way above what I expected.
This was ultimately my fault. I bought this place with inherited tenants about 2.5 years ago and didn’t do quarterly inspections or change my property management company when I had communication issues/slowness with them. Rent was coming in on time so I didn’t bother switching until the turnover this past June. This property is worth 116k on zillow in the 46235 ZIP. Rents are $1000-1150 range.
I've since switched to T & H property management, who have been much better and provided me with a walk through and repair estimates. I'm having a hard time justifying spending this kind of money. It will take a while to recoup. The PITI is $585, rents are around $1000 -1150/month. Below are some of the options I'm considering.
Option A)
Suck it up and pay for it out of pocket. Get a different bid from the property management company? I have the cash but was hoping to buy my primary residence and house hack, not lose a year of savings.
Option B)
Sell the property and be done with it. If I’m able to get 93k. It will cover the remaining note I have on it and my original closing costs (23k).
Option C)
Drive out there and do the menial work yourself while subcontracting out the bigger jobs. I think I can do this for way less than 20k. Plus it will be good to visit the market, meet the property managers etc. I work remote so taking off work is not an issue.
Walk through Inspection: https://drive.google.com/file/...
Flooring estimate: https://drive.google.com/file/...
Contractor estimate: https://drive.google.com/file/...
Thanks for reading BP, have a great weekend!