1st rehab project

11 Replies

I have uploaded a roughly edited... let me repeat bouncy... no flow... etc video.

http://video.google.com/videoplay?docid=2163438246092833050

The things I have questions on are...

1. Does it look like a huge rehab from your point of view?

2. What to do about the wood floor. It has the 6 inch square wood floor. Refinish or rip out and replace with wood?

To start with, you said something in the video that bothered me. When outside, you noticed something on the chimney as said something like 'it may need a roof. We will have to buy it then get up there and see if it needs a new roof'.

I would strongly suggest you determine if it needs a new roof BEFORE you buy the house and that you do a more thorough inspection to see if you will need to replace the decking. You are looking at several thousand dollars for a roof so it is not something to shrug off.

Then you were commenting on the flooring and which way to go. What you have is parquet flooring which I personally hate. You can probably put carpet right over the flooring for the most cost effective approach.

And then their are the windows. They seemed to be single paned sliders. Is that typical for the neighborhood? Upgraded windows may be a big selling point and you can get those for a couple hundred each, installed. Something to consider.

Beyond that , it is very difficult to determine the complexity of the project without knowing more about the house and the neighborhood. Your competition will determine what needs to be done to the house. If others in the area all have new windows, hardwoods, and solid surface counters then you need to do the same.

What are the numbers, comps and asking price?

Lets put together a quick list

Exterior

Roof? How old is the roof. Even if it is not leaking it may be at the end of its serviceable life which will make the house harder to sell. Any water spots on ceilings?
Gutters? Cheap to replace and makes a world of difference
Exterior repairs. You pointed those out
Exterior pressure washing. Every rehabber should own an uber pressure washer and know how to use it
Repointing brinks? I noticed you pointed out the bricks but condition was hard to determine in video
Exterior paint. Looks like a given.
Garage Doors? They always seem to be a problem.
Exterior doors? They also always seem to be a problem
Exterior lighting. Cheap but helps with curb appeal
Landscaping
Decking?
Driveway condition?
A/C unit/compressor/condenser/whatever. I hate to say this but appearance matters. A rusty banged up unit will turn a buyer off.

Interior
Kitchen. Looked rough but hard to tell condition. Paint cabinets, new counters and backsplash, appliances at minimum. Flooring?
Bathrooms. Guessing the need updated as well. Would you buy the house with the current bathryooms?
Paint. Way time consuming
Flooring. Already discussed but what does competition have?
Lighting/fixtures/fittings. Replace all
Electric service?
Plumbing? Copper/polybute/PVC?
HVAC?
Interior doors? new hinges and knobs at least.
Basement? Dry? Finished?

All in all that seems to be a decent house but most people do not really understand how much work even just cosmetics can be. Who is going to do the work? Its not all hard work but it can be very time consuming. You would be suprised how long it take to replace all outlets, switches, and cover plates in a single room as an example. Easy work but a couple hours per room can add up. Painting is also easy but can take forever with all the cutting in and trim. Anyway, I am having a case of insomnia so pardon the rambling post.

Its all about the numbers.

Anyway, I am having a case of insomnia so pardon the rambling post.

Brian,

Thanks for the post. The numbers i had were assuming replacement of the roof so I guess I was shrugging it off because I was assuming it needed to be replaced but it would be a bonus if it didn't.

Exterior

Roof? How old is the roof. Even if it is not leaking it may be at the end of its serviceable life which will make the house harder to sell. Any water spots on ceilings? New 30yr roof being installed Saturday
Gutters? Cheap to replace and makes a world of difference pulling those off will put new ones up if required to
Exterior repairs. You pointed those out New Trim Boards .. Check
Exterior pressure washing. Every rehabber should own an uber pressure washer and know how to use it After the roof, facia and trim replacement
Repointing brinks? I noticed you pointed out the bricks but condition was hard to determine in video some hairline cracks showing up but it looks like they were installed that way
Exterior paint. Looks like a given. Yes
Garage Doors? They always seem to be a problem.
Exterior doors? They also always seem to be a problem Front door sanded and re-stained or painted, exterior garage door needs to be new
Exterior lighting. Cheap but helps with curb appeal Thanks
Landscaping Yes
Decking?
Driveway condition? Good condition
A/C unit/compressor/condenser/whatever. I hate to say this but appearance matters. A rusty banged up unit will turn a buyer off. New Furnace being installed. I am going to think about the outside part as long as it works
Interior
Kitchen. Looked rough but hard to tell condition. Paint cabinets, new counters and backsplash, appliances at minimum. Flooring? Yes to all the above
Bathrooms. Guessing the need updated as well. Would you buy the house with the current bathrooms? New floors, paint vanities, new countertops, maybe tubs, showers
Paint. Way time consuming Hiring that out
Flooring. Already discussed but what does competition have? Comps have carpet and some tile, maybe laminate floors, or carpet in living area
Lighting/fixtures/fittings. Replace all
Electric service? New Panel
Plumbing? Copper/polybute/PVC? PVC
HVAC? New FurnaceI
interior doors? new hinges and knobs at least.
Basement? Dry? Finished? No basement here it would be a pool
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I'll post more pics later

I should have read you blog first....

How about them numbers.

What was the purchase price?
What is the ARV
What is your rehab budget?
Hpw long for the rehab?
Going to FSBO or sell with realtor?

Inquiring minds want to know. Well, I do anyway.

Brian,
Roof? How old is the roof. Even if it is not leaking it may be at the end of its serviceable life which will make the house harder to sell. Any water spots on ceilings?

New 30yr roof being installed Saturday

How old was the roof you replaced?

Did you consider having it cleaned? It might have saved you quite a bit of cash.

I agree this is a very nice post.

good job briancereniti!!!! well said.

but come on JMBRAC , just clean the roof? a new roof will add a ton of value to that property , plus it will help when the potential buyers hire an inspector , they wont have any leverage power.

txsland - wish you the best!!!

Some answers to the above questions

The roof needed replacing. It was pretty bad and the house had some water spots due to the leaky roof.

Rehab planned for a month but might be done in 3 weeks.

We will try to do FSBO for a week then list with a realtor.

The house was purchased for 76K, Repairs 15-20K and ARV of $130K.

This has been a busy process but very informative.