This is a property I purchased in 2015 and simply haven’t had time to complete, but will be working on in 2017. I’ll begin to track my budget and eventually return on investment as I begin to focus on this project more in the summer of 2017. Until then, here are some current before pictures along with the basic information.
3 bedroom, 1 bath, 1,160 square foot cape cod, most likely built in the 1950’s, similar to my primary residence.
Estimated completion value = $87,000, based on nearby comparable sales and price per square foot.
Estimated Rental Rate = $800 / month = $9,600 / year.
Purchase price - $30,000 cash.
Estimated repair cost - $15,000.
I will be doing a lot of the labor myself besides mechanical, electrical and plumbing of course. If all goes to plan the property will cash flow $600 / month after taxes and insurance and provide about $40,000 in equity that I can borrow against for the next project if I’m so inclined.
