UPDATE: TheFed's most recent rehab....finally done, with PICS

[thefed]

UPDATE: TheFed's most recent rehab....finally done, with PICS. 40k into an 85k home

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Here's a blog I made for the most recent rehab I posted about. We got this home for 17k, put 21k into it, tax assessor says it's worth about 85k. This is before we finished the attic into a 300sf master suite with 1/2 bath. It's now rented for $725/mo.

EVERYTHING has been redone....lots of drywall, flooring, all new plumbing (supply and drain), gas line to the street, furnace, h20, a/c unit, bathrooms, fixtures, lighting, vinyl windows, porch/step railings, etc etc.


The most dramatic change seems to be the back yard. Look closely at the before pics of the garage area, and the 'green' pics with a fence in it. We didnt really even know the back yard was ours until we purchased the place...it was SO overgrown you couldnt even see the fence or open the gate. LITERALLY a thicket with tree branches hanging to the ground...we used a machete to hack our way into the back yard and assess.

 

[KB]

Looks good, thefed. I still think it's amazing that you can buy a house for $17K.

How many rental houses do you have now? And is this one that you bought with your cousin? Is that working well for you both?

 

[samclem]

Dang! That looks great. The neighbors should be throwing you a big party.
The whole place is transformed. A question:
- How did you prep the aluminum awnings for new paint? Did you chemically strip the old ones, sandblast, or just hit it with the wire brush on an angle grinder?
Gotta go, but I'll be back with more questions.
Congrats!

 

[Dawg52]

Amazing you can do all that for $21k.

 

[thefed]

Samclem: Just a wire brush and sandpaper....primer on bare metal, and good exterior paint

KB: Yes, this is the 2nd one with my cousin. We are both happier than anticipated with the way things are going. We're going to do one more under this business name and then make some adjustments to the operating agreement to get me some $$ up front while I work...tough to put so many hours in for a pot of gold at the end of a potentially loooong rainbow!

 

[Midpack]

Congratulations, great work and a nice return for your efforts!

 

[Andy R]

It takes some vision (and cojones) to step up and tackle that project. Risk = Reward. Great job.

 

[utrecht]

Were the hardwood floors in bad shape? I see you covered them all with carpet.

 

[Moemg]

What a great transformation !

 

[TromboneAl]

Looks very rewarding. How long did it take, and how much of the work did you do yourself?

 

[thefed]

The hardwood was in decent shape, BUT it was soaked in cat urine. As such, i had to coat it all with an encapsulant to trap in the odor.

this actually took 4 months, but in those 4 months I was there about 25 days, averaged 7 hrs/day for a total of about 175 hrs. i had a lot of other work to take care of in that time.

I subbed out all plumbing, all drywall finishing, bathtub refinish, fence repair, all flooring, clearing of the jungle and vines, most painting, and paid about 2500 in general labor. that sounds like a lot, but i tackled quite a bit myself. this is the most by FAR i've ever hired out....and it was soooo worth it...esp plumbing and drywall!

 

[tryan]

Fed,

Nice to see someone grabbing at opportunity in this market.

I am looking at the same thing in my hood (house condition) but the prices are much higher (70-80k). Can't make it work .... (rents would be 1000-1200/mo) so I sit.

Keep do'in what you're do'in!!

 

[harley]

Man, you're making my back ache!

Nice job! That's an amazing transformation. Good luck moving forward, it would be nice to get a little payback going. Congrats.

 

[bruce1]

You have done really well! Congratulations.