Increase ARV on Brrr deals
Hi Guys,
I am looking at BRRR deals in the Philly area at the moment. I would like to know 2 to 3 things which I should focus on the rehab which will significantly increase the ARV based on your experience like kitchen redo, bathroom etc?
Buyan
Most Popular Reply
Kitchen & Bathrooms get best return, I think. Also allows you to charge the highest rent. My recommendation is to ask your realtor or bank for a similar appraisal report or 2 from a comp, or even a local home. That will show you the mark-up and mark-down of specific items. For example, the report may show +$1000 for tile shower, and if it costs $2500 for you to do, you know it wont be worth it.
Also - make some calls to appraisers to see what they value more in the area; square footage, bathrooms, yard, fence, kitchen, etc.