House #2- More Details And Photos

I’ve posted a bunch of Before Pics for House #2, so check them out if you want to get a better idea of where this project is coming from. In this post I’ll go into some further detail about my plans for this house.

Right now I’m just waiting on my loan to go through underwriting so we can close on the house.  The purchase price on this house is $66,000,. but after closing costs the true cost will be around $70-71K.  This is more than I hoped to spend on the house, but inventory is still low and I’m confident I can make the deal profitable.  I expect the house to sell for $105-114K after it’s rehabbed.  If I can sell at $110K and I can keep the renovation budget under $16,000 then I should clear a little over $11,000 on the deal.  If I have to sell for less, then I’ll probably try to save a little by not furnishing the new refrigerator, washer and dryer. 

On the exterior, I’ll have the side gate fixed, remove the large holly bush that’s overtaking the steps, paint the front steps/rails, repair and stain the rear deck, repair and paint all damaged window trim, Install new front door, repair and paint the garage doors.  If the budget allows, I’ll repaint the entire exterior.

On the interior, I’ll have to fix/replace a few of the failed large windows.  I’ll put in ceramic tile at the front entry, new carpet and vinyl flooring throughout.  I’ll also put in all new appliances, all new light and water fixtures, and new door and cabinet hardware. 

In the Master bathroom, I want to replace the single vanity with a double, remove the laundry chute and shelves, and place a stand-up shower unit there.

The lower level will require most of the work on this project.  I’ll be finishing out the entire level, adding a den/living area, a fourth bedroom and another full bath.  I’ll also add a door to create a storage area in front of the air ducts seen in the before pictures.  The laundry chute will be removed and that wall will be bumped out to create a closet in the adjoining room so we can call it a bedroom.  Currently there is a fiberboard material (similar to what is frequently used on the backside of entertainment centers and dressers) so that will all have to come down.  I’ll then insulate all of the walls and finish with sheetrock for the walls and ceilings. 

The small closet area (shown here just to the left of the door) will be removed and the area will be framed out larger for placement of the full bathroom.  The air duct going towards the window will also be re-routed to accommodate the flat drywall ceiling.  We will also widen the doorway between the living area pictured here and the laundry area which is located to the right, and make it into an open area. 

The doorway will be widened to the existing wall on the right.

 

  We’ll close off the laundry area with some bifold doors and finish off the walls and ceiling throughout the area.

 I’ll post some more pics once we close and get the project underway.

Also, I’ll post an update for House #3 tomorrow, so come back!


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