Rental Property Investor · Phoenix, AZ · Member since 2017 · 25 posts · 6 votes
Hello BP! We are looking at an investment property in one of the historic districts in Phoenix. Has anyone received a grant to help with exterior costs? How difficult is the process? Thank-you in advance for any input!
You definitely need to talk to historic preservation in person.
I agree with Pamela that there is opportunity for rehabs in the historic districts. However, the buyers there are extremely discerning, and have very specific tastes.
If you start installing wood-look tile (criminal in the historic districts) and painting everything gray, you will not come close to the value of the good remodel comps in the more desirable neighborhoods.
I looked at the process while in the middle of a big historic flip. I didn't follow through because the timeline for reimbursement involved owning for a couple years. Could be a great idea if you will hold it.
If you intend to use it on things like restoring the original windows, your best savings will come from finding the right person to do the job. There's an enormous range in the prices available. I had one guy quote me $40,000 to restore the original windows LOL!
Better to find an individual carpenter and pay them hourly.
As with most things having to do with the city, I would assume the process is slow. Might not work if you need to improve the property quickly. Best bet is to go down to city hall and talk to historic preservation.
@Charles Thurber: I haven't dealt with the City on that particular issue, but like any municipal process, I'd expect it to be slow. That said, the potential for rehabs in the historic districts has become incredible! Many owners are gaining ridiculous amounts of equity from renovating. Don't get dissuaded by a long, slow grant process. Feel free to PM me with any questions or if you have trouble dealing with the City.
We have an excellent contractor and plan to do some things on our own as well.
Considering exterior enhancements; gravel, paint, fencing, driveway, etc - if the process proves lengthy, are these things we could try to begin on our own and get reimbursed for once the city gets around to approving them?
You definitely need to talk to historic preservation in person.
I agree with Pamela that there is opportunity for rehabs in the historic districts. However, the buyers there are extremely discerning, and have very specific tastes.
If you start installing wood-look tile (criminal in the historic districts) and painting everything gray, you will not come close to the value of the good remodel comps in the more desirable neighborhoods.
@Charles Thurber We've done addition / remodel projects in Coronado and Pierson and I would agree completely with everything @Jake Saliba is saying. Feel free to connect and send me a PM if you have any other questions in dealing with Historical Preservation.
Hey @Jake Saliba! Can I pick your brain about your experience rehabbing in Coronado? We just picked up a 1920s beater in the Capitol Mall area with great bones but it's uh, a project and a half. I'm glad we're going long-term rental here because I'm almost sure we'd be at a loss for a flip--it's a literal labor of love. I'm also trying to find good vendors since our beloved contractor just retired on me. Did you go with a GC? I'm going nuts trying to find one who understands why I want to preserve the original moulding, plaster walls (and don't get me started on how they're pushing vinyl flooring instead of actual wood) but I'm also wondering if I'm being unreasonable here. Any advice? How'd you manage those windows, what'd you choose for flooring? Were you able to preserve the features of the home or did you end up replicating? I'm confident this'll be a great long-term pick... just thinking it's gonna be a bumpy ride to get there. Did you also get any input from the Phx Historical Society?