More than meets the eye (#9)

More than meets the eye (#9)

 

Features

  • Single Family
  • 1100+ Square feet
  • 3 bed 1 bath
  • FSBO as part of an estate

Financials

  • $35,000 purchase price
  • $11,000 rehab cost
  • $491 monthly NOI
  • 12.83% ROI
  • $70,000ARV (~$24,000 in net equity after rehab)

Investment diary

Sadly, shortly after purchase it became apparent that this property was going to become a money pit and surpass the original estimate of $6,000. It was discovered after purchase that the flooring in the kitchen and bathroom were completely dry-rotted and needed replaced. The heating had to be completely replaced with something safer (And all-new ductwork had to be done) along with ~$500 worth of trash removal in a cellar that wasn’t discovered during original inspection.

This proprety is a great example of why you need additional cash reserves just in case of problems. Many of the problems became situations where if neglected they could have become quite hazzardous to the occupants. Now with the problems rectified the tenants are quite happy with their cape cod SFD.

Property photos

Best house on worst block (#8)

Best house on worst block (#8)

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Features

  • Single Family
  • 1100+ Square feet
  • 3 bed (Converted from 2br)
  • Estate/probate sale

Financials

  • $23,000 purchase price
  • $4,870 rehab cost
  • $460 monthly NOI
  • 19.81% ROI
  • $50,000ARV (~$22,130 in net equity after rehab)

Investment diary

Another relatively straightforward rehab. The kitchen had been severely neglected and needed the cabinets & counter tops replaced. Other than this there was a staircase leading to a extraordinarily large attic on the unfinished 2nd floor. We finished about a third of the attic resulting in an additional 3rd bedroom. House was rented very quickly after rehab was done and has been a great property so far.

The only downside to this one was that it’s a great looking house, in great shape, but in a terrible neighborhood. Outside of the Kitchen the house was in great shape and very well  cared for during the time of the owner’s life. The owner of this property had been there since the early 1960s and lived in it till the time they passed away. Over the time the neighborhood shifted from a relatively nice one to one that was not so nice.

Post-rehab photos

Pre-rehab photos