My first full rehab
Hello all, thought I would share the story/numbers of my second rental that was my first full rehab. I over heard a coworker saying he wanted to get out of his house, and quickly said to let me know what he was ready. I picked up a 900sqft SFH on a slab (with no garage) in Redford for $15k. After paying the back taxes on the property the seller netted about 8k. The house was pretty nasty, dog and cat urine soaked into the walls rotting some of the framing. We ended up replacing a lore more drywall than originally expected, laying all new floors, gutting bathroom, all new interior and exterior doors, all new floor and door trim, "new" applicances, new lower cabinets and counter tops, and of course new paint throughout. (About 20gals of Kilz, that stuff is amazing!) oh yea, and a new hot water heater and sprung a leak a month or so into the reno. My self and my partner completed this job ourselves over 3 months. I had a full time (flexible) job that I maintained and was only able to put in half days often. He worked very hard, but is not as "handy" as I, so he did lots of the grunt work and painting while I handled all of the large installations. We paid for a good friend of mine to do the install the tile work, and also paid a family friend to sweat on all our copper fittings and do a lot of plumbing install. The tile work turned out great (we knew it would) though I now think was an unneeded expense, I have installed tile myself before. The plumbing however did not turn out well, little mistakes that had to be fixed weed after week and ultimately failing out plumbing inspection with the city. We finished the rehab in 3 months and had a fourth month eaten up by inspections. Our renter is now in as of Sept 1st.
Purchased: 15k
Rehab: 13k/4 months
Rent: 600/month
Don't know why these pictures came out sideways!