I closed on rental #8 on March 5th and renovation is underway. To start, the numbers:
3 bedroom, 1.5 bath 1700 sq foot brick SFH with bonus room.
Purchase Price: $59k
Appraisal: $105k as is with estimated $124k after rehab.
Renovation budget: $20k.
Renovations include: new flooring in bonus room, kitchen and baths. total renovation of bathrooms, new cabinets, crown molding (to cover bad drywall job by previous owner), buff hard woods, paint exterior, paint interior, remove awning, remove side door and seal up, fix low spot in kitchen floor, and remove the non-permitted fire place.
Estimated Rent: Initially I budgeted $950 per month based on another rental I own in a similar location, but two houses on the same block were recently rented for $1200+. So I may have to reevaluate the rent once it's time to advertise. The house should be ready to rent by early April with a goal of having it rented by May 1.
I plan to refinance the property in May once the project is complete and the house is rented out.
Isn't see a beauty!
@Anna Buffkin I like the place. Honestly the photos are not that bad. I guess I can see past it pretty easily. You can't go wrong with a 3/2 SHF. Nice looking from the outside. Good numbers. Congratulations!
Can you share details on how you found the deal?
@Anna Buffkin congrats on the deal! Go get it!
@Joe splitrock This was off the MLS. It was one of my realtor's listings that wouldn't sell. An elderly lady whose husband had passed had done some sort of seller finance and she ended up foreclosing on the occupant. The house was not well cared for.
She had several low ball offers and a couple people backed out after inspection. I'm not sure why because the inspect didn't really unearth much I didn't already see. Anyway it continued to sit. I expressed interest and threw out a number to get things started. My realtor went to the seller knowing I would and could close and came back with a bottom line of $59k which is what she owed on it.
It was my first Mls purchase since 2015. I think I annoyed my realtor on occasion as I have gotten used to self service through an attorney.
Congrats @Anna Buffkin and good luck on the renovation!
Congrats those are some solid numbers!
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