This week in review #82-87

So, 5 weeks has passed (The entire month of February) since my last post.

Feb was much better for us than Jan, no property theft, no major issues other than LOTS of frozen pipes. We’ve managed to rent out all of our units as the end of the month approached.

We did have to reduce our rent on #12 by $50/mo to $550/mo in order to compensate for the terrible weather we’ve been having. Other than those issues things continue to go ahead. Property #11 is continuing to be worked on, there were major issues with the electrical that needed fixed, and we have now got them all taken care of.

 

 

The pooper (#13)

The pooper (#13)

20150108184309761928000000-o

Features

  • Single Family
  • 1,200 Square feet
  • 2 bed 2 bath (Will be 3br/2ba when renovated)
  • MLS listed foreclosure on the wrong MLS system (Out of town MLS)

Financials

  • $15,500 purchase price
  • ~$10,000 rehab cost
  • $420 monthly NOI
  • 19.8% ROI
  • $40,000ARV ($17,250 in net equity after rehab)

Investment diary

This one has taken a bit longer to rehab than we thought. One of the more interesting incidents with the house was that a few weeks after purchase it was broken into. Nothing was stolen or damaged, however the intruder decided to poop on the floor. This incident managed to make it to the top of the /r/trashy subreddit.


Property photos – (Pre-Rehab)