2 Bed 1 Bath Rental House ($12,500 purchase price)
Hey guys,
I recently purchased this 2/1 house in southwestern MI back in Sept. It was a foreclosure and I was able to get it for $12,500. Needless to say… it wasn't in good shape but we've made some good progress and are nearly ready to list it for sale. Here's a non-exhaustive list of some of the projects that we had to do to it.
replace water main from the street to the house
replace all water lines in the house
tear out all carpet
Paint the interior (will be painting the exterior or residing in the spring)
put in new laminate/vinyl floors throughout the house
repair dishwasher and oven
install gutters on back of house and fix some water damaged areas of the wall
replace some of the rotted subfloor in the bathroom/laundry room
repair the furnace
replace back door
change door knobs and locks
various other small repairs… patch holes, outlet covers, etc…
Purchase price = $12,500
Closing Costs = $1050
Rehab (still an estimate, but it's close) = $13,500
Total Cost = about $27,050
Rent = $750/mo
Here are some before pics