This one is a cash deal, so it’s possible that I close on this property and begin renovations before I close on House #2. Purchase price on this one is $48,000, which I think is a great deal. I’m hoping to keep the rehab budget at or below $20,000 and I expect the house to sell for $100-110K after it’s rehabbed.
My main concern with this property was that it was going to need all new siding. But, it turns out that the damage is limited to the back of the house (as seen here). So, we will repair and replace the damaged areas.
On the exterior, we will repair and repaint the entire exterior, Install new garage doors, and add new entry doors. Almost all of the windows are failed, and will need to be repaired/replaced. We will remove the damaged fencing and replace with new wooden fence. Some minor landscaping will also be needed, and I’ll probably end up removing the bush at the front of the steps. As a stroke of luck, I think I will be able to take the undamaged panels from the garage doors and use them to repair the garage doors on House #2.
On the Interior, I want to keep the chocolate ceilings. Really. Ok, just kidding. The entire interior will be repaired and repainted, along with new carpet and vinyl throughout. Also, I’ll probably end up putting ceramic tile in the front entryway. As always, the house will get new light and water fixtures throughout, as well as new door and cabinet hardware.
There is less cabinet space in this kitchen, so I’ll have to decide on putting in all new cabinets and countertops (what I want to do), or install new countertops but just repair and repaint the cabinets. We’ll put in new appliances throughout to hopefully make for a faster sale. The lower level is already finished in this house, so I’ll end up just bumping out the wall into the laundry room and also into the bedroom to add a closet so we can call the room a bedroom.
I’m hoping we can get the bank to close on this one ASAP so we can begin renovations. This house does not have a deed restricition, so we’ll be able to get it back on the market for sale as soon as we can get the work done. I’ll post an update when we close and get to work!