Unfortunately this property was put on the back burner to work on other properties. Due to this it is still in rehab and is scheduled for completion quite soon. This is due to a very large water leak, very similar to property #4 requiring the sidewalks to be dug up.
This initially was planned to be a quick rehab with total costs of less than $10,000. It quickly became quite apparent that we had miscalculated the rehab need on the property. The wiring in the home was absolutely terrible and represented a MAJOR fire hazard. In the end we went around $5,000 over budget, then a month after putting a tenant in it had a major water leak that resulted in us spending ~$600 to tear up the sidewalk and replace a underground water line.
This represents the first multi-family property we’ve purchased. This has been one of the best money making properties purchased in 2014. The property consists of one lot with two homes on it. One home being a duplex containing a 3 bedroom unit along with a 2 bedroom unit. The other home is a single-family detached 1 bedroom home that is extraordinarily small. The only rehab done on the property was the small SFD home that we essentially tore down to the studs, put new drywall & insulation in and put upgraded electric baseboard units.
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.
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.