This project came to us from one of our contractors. We always tell them that if they want guaranteed work, bring us a deal and they get to do the whole thing! So they did.
After many months of trying to meet the homeowner, we finally met and got it done just before Christmas.
Our initial strategy was simply to do a rehab on it and move it quickly.
We first ran Comps for $150K-$155K. But as we got further along into the project we started seeing signs of expansion in the area. They were building a new plaza right outside the neighborhood with a CVS going in the corner. In case you didn't know CVS doesn't just open up anywhere.
Then we re-ran comps and saw we might be able to get $160K+. We saw rents at $1300+.
This was something that really pushed us to just say "let's just rent it and we'll sell it a year or two from now once values raise even more." So we did.
Because we were originally going to flip it, the upgrades to the house were great. We had done EVERYTHING new. So renting was going to be very simple.
We ended up renting it for $1325 in a little over 10 days! It appraised for $162K.
While the cash flow is great at over $300/mo our goal is the appreciation that the area will continue to receive.
✅ Fixed 4" of foundation problems
✅ Repaired and upgraded all plumbing
✅ New roof
✅ Both bathrooms completely redone
✅ New kitchen cabinets and granite counters
✅ New Flooring throughout
✅ Removed back covered patio
✅ New privacy fence
✅Fresh interior and exterior paint
If you find this valuable please SHARE 🙏
Hope you guys enjoy this one!
Keep sending us your questions! @prymehomes
Any questions email firstname.lastname@example.org
Get The WEEKLY Investor's Digest