A quick rehab (#2)

A quick rehab (#2)

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Features

  • Single-Family house
  • 1200+ Square footage
  • 3 bedrooms
  • 1 bathrooms
  • 2 Car detached garage
  • FSBO purchase

Financials

  • $23,500 purchase price
  • $<10,000 rehab cost
  • $378 monthly NOI
  • 13.5% ROI
  • $50,000ARV (~$15,500 in net equity after rehab)

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Investment diary

This was the second property we purchased September 2013. Rehab on it was pretty quick overall, although we had to push off work on property #1 to get this one done first as we knew #1 would take significantly longer to do. Total rehab time of about 2 months with the tenant being installed the first day of December. Prior to tenanting we had a break-in where someone stole about $50 worth of copper piping. Unfortunately that $50 in copper pipes resulted in about $500 in damage to the property. Certainly not fun but thankfully the home was not flooded and a neighbor informed us of the broken back door window first thing the next day.

 

 

Property photos