3 Easy Multifamily Renovations That Give the Best Bang for Your Buck

by | BiggerPockets.com

I’m down in North Carolina giving a tour of the 198-unit building that we just purchased. I’m going to show you three easy and simple renovations that we’re implementing to increase the value of this property.

Keep in mind that these same renovation techniques can be used on smaller multifamily properties as well.

Related: How to Beat the Coming Housing Slowdown With a Value-Add Multifamily

3 Easy Multifamily Renovations That Give the Best Bang for Your Buck

1. Make exterior renovations to improve curb appeal.

Making small improvement like paint and new landscaping will give your property curb appeal. As the saying goes, “You never get a second chance to make a first impression.” Well, we believe that making that first impression will spark interest and desire for potential new tenants to want to move into our properties.

2. Add new flooring to create that “wow” factor.

Adding new floors is an easy way to create that “wow” factor when new potential tenants walk into the unit. This is a simple method to impress new tenants and provide that new, modern look and the feeling of easy maintenance. The type of flooring that we use is laminate vinyl planks.

3. Opt for new appliances.

Let’s face it, people want new. By adding a new appliance package to your kitchens, will you be able to command more rent and become the best choice for new potential tenants. This simple addition can command you anywhere from $50-$100 extra per unit, creating a great return on investment.

In today’s video, I share more about these three renovation tips as I walk through our newly purchased apartment building. I would love to get into a discussion with you, as always!

What are the most important renovations you implement with your multifamily properties? What has worked? What has not worked?

Thanks for watching! 

About Author

Matt Faircloth

In 2005, Matt founded The DeRosa Group along with his wife, Elizabeth. At the time, the two person company owned and managed two assets – a single family home and a duplex. Over the last nine years, they have grown the company to a 12 person team owning and managing over five million dollars in residential and commercial assets throughout the central NJ and Philadelphia area.

One of DeRosa’s mantras is “to make money while making a difference.”


  1. Deryk Harper

    Great advice Matt.

    We have been big fans or the luxury vinyl plank in our units. Long life, great ROI, tenants love it and extremely low maintenance. We put it in every new investment we purchase.

    Agree on exterior updates too. We just focus on single family but all of your advice applies in that area too. We pay the nominal cost to have service contractors provide weed/feed services on our yards and they always are the best looking on the block. Great looking, well maintained properties usually attract better tenants too.

    With SS appliances basically on par with black/white on cost now we will typically go SS when appropriate.

    In addition we have been renovating our properties one-by one with all LED light fixtures. Tenants love the cost savings and it helps save us a little utility cost when vacant too. They look great too.

    Lastly we tend to update kitchen counters to granite, or at least a nice looking Ikea style modern laminate, and sometimes paint cabinets and change hardware to give a newer modern look.

    • Matt Faircloth

      Hey Deryk,
      Great tips. You had me till you said Granite countertops LOL! I’ve never gone there as I’m concerned that the tenants can damage them beyond repair and also beyond what their security deposit can handle. Have you ever had this problem?

        • Matt Faircloth

          You… Very funny. They are not damaging the stone itself, it’s the coating thats on the outside of it. The coating is there because the stone has pores, which will soak up liquid and stain. If they put a pot of boiling water on it they can burn off that coating, then any liquid will stain the stone.

          But I like the thought of a tenant taking a hammer to it and trying to actually damage it physically lol.

  2. Tracey Mattingly

    Thanks for the great tips. I have just started using the LVP in some of my 2 bedroom units. So far, I have only done first floor units. Do you use it in second floor units and if so, have you had any issues with noise complaints from the tenant below? Thank you.

    • Matt Faircloth

      Hey Bill,

      Here are some rough numbers:

      Total renovations were $8800 per unit including interior and exterior renovations, plus amenities
      $1,742,000 in total renovations
      Rent increase on average will be $140 per month per door, x 198 doors = $27,720 per month or $332,640 per year in increased revenue
      at a 7% Cap Rate that equates to a building value increase of $4,752,000.
      Once all renovations are complete we will refinance to recapture the construction costs and part of investor equity which will be returned to them to increase their IRR.


  3. Judy Lintus

    Love your videos, alway good information. One thing I would add with the appliance package is to change the doors on the refrigerator, so they open to the kitchen side. Most of that style refrigerator has reversible doors.

  4. Carli Cummins

    Those apartments look familiar! I live in Fayetteville and believe they are the Glendale Townhomes. I live close by and jog by them daily. They are in a great location with some of the best schools in the district.

    Would you mind telling me how you acquired them? I hadn’t seen them on Loopnet or the MLS.

    Good luck and if you need a contact in Fayetteville let me know!

Leave A Reply

Pair a profile with your post!

Create a Free Account


Log In Here