Our first property (#1)

Our first property (#1)

bg1

Features

  • Single-Family house
  • 2000+ Square footage
  • 5 bedrooms
  • 2 bathrooms
  • 1 Car detached garage
  • Basement

Financials

  • $26,500 purchase price
  • $36,000 rehab cost
  • $625 monthly NOI
  • 12% ROI
  • $100,000-$115,000 ARV (~$52,500 in net equity after rehab)

Investment diary

This was the very first property we purchased. Overall it’s been a good investment with great equity gains due to the scope of work. Initially we had only estimated a $20,000 rehab cost for the property. It quickly became obvious that to truly get to a good condition would need to be sided (It had original asbestos shingles) and old wood-pane windows. This was a good example of why you need to have extra cash onhand to fix things ‘Just in case’. Property was purchased in July 2013, rehab was completed around Feb 2014 with a tenant in the house the following month.

Pre-Rehab photos

Post-rehab photos