BRRRR Purchase and Remodel in Farmville, Virginia
We're currently in closing on this property outside of Farmville, Virginia. We purchased this property from a friend that we have purchased from before. She has a HUGE portfolio (30+) of houses that are in significant disrepair.
Single family residence on well and septic
Vacant for four years
884 square feet
The house is in need of some structural repairs to the floor joists and main beam from a leaking water heater. We will upgrade the electrical service to 200A and review all of the plumbing and electrical work. We'll gut and remodel the kitchen, bathroom, and utility room. The rest of the house will receive cosmetic updates such as paint, drywall repair, new interior/exterior doors. We plan on replacing all of the windows for energy efficiency. The house has and oil furnace with no air conditioning so we'll be installing a new heat pump in addition to new insulation to keep the things comfortable inside. The roof will be evaluated for repair or replacement. Finally, we'll try and tame the yard by having a contractor bush hog and clean up the trash in the yard.
Property Purchase $20,000
Estimated Repair Costs $40,000
ARV $75-$80,000
Monthly Rent $925
