Property #1
Purchase Price: $83k
Estimated Rehab: $52k
Estimated After Repair Value: $230k ($100 sq ft)
Estimated Monthly Rent: $1800
Source: MLS
Funding: Purchasing cash via line of credit, private money
Schedule: 6 weeks (11-June through 23-July)
This 2300 sq ft home is in a premier local neighborhood consisting almost entirely of owner-occupants. Two level, two car garage on a large lot. My project coordinator has a flip on-going in the same property that went under contract at $111/sq ft and there are another couple coming on the market at $105/sq ft (expecting over asking), so I feel my comps are conservative at $100/sq ft.
This house flooded during Hurricane Harvey with the lower level being impacted. The remediation was performed prior to myself purchasing it and I obtained the certificate with the closing documents. Being that this is my first flood rehab, I did a good bit of research prior to purchasing and also put in a good bit of padding in the scope of work.
Scope of Work Summary:
Insulation and drywall for walls on the first floor. Doors, door trim, paint, baseboards, flooring, kitchen and downstairs bathroom. The previous owners were living in the house, upstairs, so I know that HVAC, electrical, plumbing and water heater is probably OK. The intent is to leave the upstairs as-is, clean the carpet and repair the carpet on the stairway (see photos below).
This is a rental property and I don’t want to over renovate.
Scope of Work Details/Estimate: (first pass, before getting inside the property or getting contractor bids):
Drywall (Walls) floated & taped all-in @ $7500
Insulation all-in @ 1500
Paint all-in @ 3000
Flooring Install/Carpet Repair all in @ 3500
Floor Baseboard all-in @ 1000
Door Jam/Trim all-in @ 750
Kitchen Cabinets all-in @ 5000
Kitchen Countertop all-in @ 1500
Kitchen Sink/Faucet all-in @ 300
Dishwasher all-in @ 600
Used Fridge all-in @ 350
Used Stove all-in @ 350
Bathroom Vanities (x1) all-in @ 800
Bathroom Shower (x1) all-in @ 3000
Bathroom Toilets all-in @ 300
HVAC all-in @ 5000 (left in as contingency - HVAC operating OK)
Hot Water Heater all-in @ 800 (left as contingency - Water heater operating OK)
Interior Doors all-in @ 2000
Interior/Exterior Lighting all-in @ 1000
Electrical all-in @ 1000
Plumbing all-in @ 1000
Misc all-in @ 10000 (being my first flood house and limited inspection performed, I'm leaving $10k missed scope/overruns)
Project Coordinator all-in @ 1800
TOTAL @ 52,000
Listing Photos:
3c77482868548bf85d70b76261c1f240l-m1xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m14xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m13xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m6xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m4xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m5xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m3xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m2xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m8xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m9xd-w1020_h770_q80 by
sam burn, on Flickr
3c77482868548bf85d70b76261c1f240l-m10xd-w1020_h770_q80 by
sam burn, on Flickr