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