Newest Rental Rehab with Pics
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!