- Single Family
- 3100+ Square feet
- 5+ bed 2 bath
- Pre-Auction foreclosure listed by hudsonandmarshall.com
- $20,000 purchase price
- <$20,000 rehab cost
- $670 monthly NOI
- 19.70% ROI
- $65,000ARV ($25,000 in net equity after rehab)
This one was far more work than we had ever planned. It was slated for starting mid-Feburary with completion of early April as we secured a tenant before we even began rehab.
The two month rehab became a three and a half month rehab once we found out that there was a severe water leak in the roof that kept coming up foiling much of our work. The property also required significant re-wiring due to the dreaded knob-and-tube wiring found inside several rooms.
We went a bit over budget with it, however ended up with a absolutely fantastic home in the end that the renters LOVE.
One thing we did decide on doing with this home was removing the late 19th century oak mantles and replacing them with pine replacements. I hated removing original fixtures but due to the location and the fact it’s a rental we felt that it was most prudent. Had we of stripped out the oak fixtures inside completely (Baseboards, trim, mantles, banisters, ect) we likely could have recovered our entire purchase price on the house. However we opted not to, and just removed 3 of the 5 oak mantels. We expect to recover $3,000 by selling these.