11-unit Multifamily Rehab with Pics
We are almost at the two year mark with our first investment! In April of 2015 my husband and I purchased an 11 unit apartment complex with a duplex on the property for a total of 13 units. The property was in distress and the owner did not keep records on her rent roll or any expenses. Fast forward to today and it is 100% occupied with rents increased on average $105.
I wanted to share a few of the rehab pictures of our property. Some of the units had to have extensive work done, especially with wiring and plumbing. The apartment building was built in 1950 and the duplex was built in 1930. We tried to preserve the historical aspects when possible.
Pictures of our property on take over: No landscaping, brick exterior in excellent condition, but no curb appeal.
We added landscaping and added red to the front door to add visual interest.
On some units we kept the retro finishes, but this one had damage to the tile and stains on the porcelain that couldn't be removed. We had several of the tubs professionally resurfaced.
We added new counter tops and new vinyl wood planking to the units.
An example of how we stage our units when leasing:
The duplex units are two bedroom two bath and turned out beautifully! They had hardwood floors underneath the carpet so we were able to have the floors refinished.
We have definitely learned a great amount from this first deal. Taking this distressed property and turning it around has been exhilarating and scary but very rewarding. Hopefully this can motivate and encourage a few of you out there!
Looks great! I love the red door and the flowers. Terrific job.
Originally posted by @Jonathan Johnson:
@Karen P. Congrats and job well done! I love before/after pictures.
How much did it cost you to refurnish a bathtub? I'm looking at doing the same to a rental unit's bathtub.
Thanks!
We had several done at one time, so I'm not sure of cost on an individual basis. Ours cost around $350 to reglaze the tub. So far they've held up very nicely with no chips or peeling.
Great post thanks for sharing!
Congratulations! Thank you for sharing!