Best house on worst block (#8)

Best house on worst block (#8)

bg3

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