I spent $13,788 and expecting a 39% ROI
I spent $13,788 renovating this 1-bedroom apartment
Here's the breakdown ๐
- Kitchen faucet: $99
- Thermostat: $60
- Bathroom hardware: $34
- Toilet: $94
- SS stove: $500
- SS microwave: $200
- SS fridge: $781
- SS dishwasher: $349
- Tile: $390
- Carpet + Pad: $690
- Bathroom faucet: $77
- Bathroom vanity: $189
- Bathroom mirror: $99
- Lighting fixtures: $150
- White shaker cabinets: $1,990
- Cabinet handles: $36
- Blinds: $79
- Black matte hinges: $51
- Black matte door knobs: $108
- Blanco single bowl sink: $100
- Blanco sink rack: $25
- Granite countertop & install: $1,100
- Paint & materials: $328
- Random materials/parts: $259
- Labor: $6,000
Renovation time: 22 days
Previous rent: $700
Signed leased: $1,150
As for calculating my return, here's how I did it ๐
New Rent Change per month: $450 (see rents above)
Annualized Rent Change: $5,400 ($450 x 12 month)
ROI: 39% ($5,400 / $13,788)
New Building Value Added: $90,000 (based on 6% cap rate
I'm choosing to renovate every unit to a premium-level finish with high-quality materials. This should allow me to have fewer maintenance issues in the long run.
How do you think this unit turned out?
Before
After
