Here’s my 48th rental!

Here’s my 48th rental!

So, if you’ve wanted to see what one of my post-rehab , sub $30k houses here in Central Ohio looks like inside, here it is!

3br, 1.5 bath, partial basement, 1100 square feet built in the early 50s. Not terrible shape when I bought it, did some cleaning up, counter tops and whatnot and it’s done!

2017-03-10 14.30.28 2017-03-10 14.30.12 2017-03-10 14.30.04 2017-03-10 14.28.30 2017-03-10 14.28.12

2017-03-10 14.27.44

 

2017-03-10 14.26.47 2017-03-10 14.26.29 2017-03-10 14.26.05

Feb 10th livestream on rentals #48 and #49

Here’s a livestream from Feb 10th of our 48th and 49th properties!


Our first flip! (#13)

We will be updating the journal soon on this.

Purchase Price : $31,500
Estimated rehab  : $30,000
Hopeful Resale price : $99,900
Closing costs – <$8,000

Profit : $30,400

The 37 year tenant (#14)

The 37 year tenant (#14)

2015-06-10 10.50.04

 

Features

  • Duplex
  • ~2000 Square feet
  • 2 bed 1 bath per side
  • MLS listed

Financials

  • $52,500 purchase price
  • ~$0 rehab cost
  • $615 monthly NOI
  • 14.35% ROI
  • $60,000ARV ($7,250 in net equity after rehab)

Investment diary

This is one of the few potentially ‘hands off’ deals we’ve had. A traditionally listed MLS duplex, no distress, just owners tired of managing a rental property.

There appears to be no rehab needed. The noteworthy thing about this rental is that one tenant has been in the duplex for over 37 years! Pretty amazing, we will be the seventh landlord she’s had since she’s lived there. We plan on being the last since this seems to be a great money maker.

The pooper (#13)

The pooper (#13)

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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)