The numbers are almost final and thought I'm shocked at how much more it cost than even my second estimate projected, I think it was still a good decision. As the project unfolded, a number of hidden and latent issues with my house came to light. For instance, I ended up having to completely replace and re-wire the main electrical panel, which my amazing BF did with oversight by a Journeyman electrician-friend of ours. That was an ridiculous amount of work and it left me humbled and deeply grateful for BF's help. It also left me resolved to spend more $ on tradesmen.
You might call it complainypants, and with due respect to MMM, quite simply there are limits to our endurance. I was not willing to save money but lose a good man whom I love! Plus, having a roommate in by January would not have happened without hiring tradesmen to move the project along. Had we gone 100% DIY, it likely would be several more months before it would be ready and at $930.00/ month, the tradesmen pay for themselves very quickly.
Essentially, this project was the equivalent of a whole house renovation -- new mechanicals (stove, water heater); new electrical (new panel box, new 100 AMP subpanel); new plumbing (LOTS of plumbing - much of my home's old plumbing was undersized, e.g. 1/2" supply line from water heater; drywall; tile; framing/ carpentry; masonry; finish work; flooring; new countertop finish). It's as if I had bought a 1,500 sq foot SFH rental with 1963-era systems.
There's still a little left to do, but here's how it breaks down (not by construction sector but by method of payment):
Cash out of pocket -- $9327.34
Lowe's (6 mos. same as cash) -- $2033.40
Home Depot (12 mos. same as cash) -- $1592.07
Flooring store (6 mos. same as cash) - $3,080.00
Total -- $16032.81
What's amazing is that prior to my Mustachian-180 which started in May 2013, there is no way in hell that I could have come up with over $9k in cash over a three month period of time. Not a chance. I'm very proud of myself for being able to do that.
I'm not wild about having $6,705.47 in new debt, but objectively speaking this is good debt. It will all be paid off by July of this year (though I may let the Home Depot bill stretch out until the 12 mos is up and use cash flow to pay down other debts).
My total ROI will take 17 months, after which time I expect to have a profit of about $8k to 10k annually which is the equivalent of giving myself a 10% raise.
My tenant/ roommate moves in on Saturday. I've got her signed 12 month lease and her $1120 security and pet deposits. As I prepared for her move in, I renegotiated my bills with Comcast (internet) and the trash company. That resulted in an additional annual savings of about $220.00. Nice.
I'll get the pictures together ASAP and post a link.