9/4/23 – Reno Update – Week#11 – You’ll find the link to the progress photos below. The inspector we’re working with has required us to insulate the gas lines which is why you’ll see cuts along the wall. He’s also requiring us to install a drain for the condensation. My tech looked at it and recommends going with a small french drain to catch water that is being expelled ($600). We have the plumbing leak fixed but need to go back and address the mold that arose. We have mostly everything for the project completed but are working to clear inspections so we can patch up the new holes and finish this out! Link to Photos

8/28/23 – Reno Update – Week #10 – You’ll find the link to the photos below. We’ve got the flooring install completed. The small laundry space with the drain has LVP now but we’ll be installing tile flooring there per your request. We have a couple of leaks that we are working to identify and address, so that’s slowed us up just a bit. So time isn’t wasted, we’ve started on clearing the gas inspection which will require us to install the mechanical equipment. Would you want us to leave the condensers on site or pull them after the inspection. There’s a fee to do so that would be about $600-$700 bucks for both. Link to Photos

8/21/23 – Reno Update – Week #9 – You’ll find the link to the progress photos below. We’ve got most of the outlets and switches replaced and have the kitchen sink drain installed. We have a little more patch work we’re working on. We have the remaining flooring install lined up for early next week and are really pushing to have everything done by the end of next week! We’ll be installing the remaining vanity, toilet, and medicine cabinets next week. Link to Photos

8/14/23 – Reno Update – Week #8 – You’ll find the link to the progress photos below. We have the lower level bathroom shower tiled and bathroom tile installed. We were also able to get our flooring guy in to start on the flooring. We got the upper level finished and it looks great! Really pulls everything together. We couldn’t get the lower level done because water was getting into the property through the rear lower entrance! There are two photos in the file this week, one with an “A”, the other with a “B”. You can see how the water was pooling and not draining fast enough, partially because we had some really heavy rains this week. We’re investigating the situation because we’ve had rain before but it’s never pooled. There are two drains, one outside and one just inside past the door, so this may be a normal occurrence even if it doesn’t happen every time. Link to Photos

8/7/23 – Reno Update – Week #7 – You’ll find the link to the progress photos below. We’re just about done with running the new water lines. We also have more of the bath tile installed and the new tub installed. Next week we’ll be finishing out the bathrooms, kitchen, and hopefully can start the flooring install towards the end of next week! Link to Photos 

7/31/23 – Reno Update – Week #6 – You’ll find a link to the progress photos below. We’ve got some of the water lines run and have had to cut some of the sheetrock to make way for the other lines. We’re aiming to have the new water service completed next week, so we can press on in finishing the bathrooms. We’ve also got the kitchen cabinetry and countertops installed. It’s coming along nicely! Link to Photos

7/24/23 – Reno Update – Week #5 – You’ll find the link to the progress photos below. My plumber has started but has been slowed up due to the inclimate weather we’ve been having this week but was able to at least start. We’ve also got the tile installed in the upper level bathroom and are replacing more of the bad paneling. Link to Photos

7/17/23 – Reno Update – Week #4 – You’ll find the link to the progress photos below. There’s only been small changes like the installation of the mini blinds and changing out all of the door handles. My plumber has assured me he’ll be getting started on the water service next week so we can pick the pace back up and finish this project! Link to Photos

7/10/23 – Reno Update – Week #3 – You’ll find the link to the progress photos below. There’s not much change from last week as we are waiting for our plumber to replace the water line. We’re going to work around that and finish out the kitchen. Link to Photos

7/3/23 – Reno Update – Week #2 – You’ll find the link to the progress photos below. We’ve completed painting the exterior and most of the interior. We weren’t able to get our plumber out this week like we’d hoped but we’re anticipating he can get started next week. We do have the new roof installed and are working on installing the new kitchen floor tile and it’s coming along nicely! Link to Photos

6/26/23 – Reno Update – Week #1 – You’ll find the link to the progress photos below. We’ve got the exterior mostly painted and will be painting the interior also. We’re hoping to get the plumber in next week to begin work on the water service. This one has already drawn some interest from a prospective tenant! Link to Photos

6/16/23 – We passed the inspection! We’ll be getting the power turned on and will be starting next week. You’ll find the link to the photos of the green tag and the electrical work we’ve done. Do you already have the management agreement with Rivertown for this one? Link to Photos

4/25/23 – I’m attaching the SoW below. We have everything all bid out and the total cost came back higher ($70,882.50) than we were projecting because our HVAC tech has informed us that a 5t system isn’t going to cut it for this house. So he quoted to install two systems so that the property has adequate heating and air. Initially we allotted for one system so that’s the reason for the budget coming back higher. There’s also a matter of the plumbing. From what my plumber can see, there are several cut water lines that we’ve allotted to repair. There are two options with this. Option 1 would be to repair the lines by patching the cuts we’ve been able to identify. Option 2 would be to replace the water lines altogether. We’ve allotted for option 1 but if you wanted to go with option 2, it would be another $1200 added to the budget. I know you have a couple of decisions to make so let me know what you think.

3/28/23 – You’ll find the link to the walk thru photos below. The property is a 3/2 and located in a solid location. The property is going to need a full rehab. We’d be looking at installing a new roof, painting the interior/exterior, renovating the kitchen, both bathrooms, repair the breaker box, install new flooring, install all new mechanical, and other miscellaneous items. For a ballpark estimate, you’d be looking at 64-66k (this INCLUDES the fee). See summary below.

Roof: The roof is old, worn, and needs to be replaced.

Exterior: The exterior was in solid shape but would need some repair work to the rear deck and handrail in particular. Other than that, we’d be pressure washing, painting, and other miscellaneous items.

Interior: The interior has solid bones but needs a lot of work. There was mold like substance in different locations of the property so we’d cut those pieces of drywall out and replace them. We’d also need to ensure we address the moisture intrusion. In addition to that, we’d paint, install new flooring, renovate the bathrooms, and kitchen.

Mechanical: The property is going to need a new HVAC system and water heater.

Electric: The property did not have an electric meter, so we’d need to go through an inspection. The breaker box was also damaged so we’d need to repair it.

Gas: The meter was present but locked so we’d need to go through an inspection.

Appliances: None

Pictures: Walkthrough Inspection

Confirmed market value: $210,000 to $230,000

Confirmed market rent: $1,400 to $1,600

Deal Analysis: WORST CASE SCENARIO → ANTICIPATED SCENARIO
Closing Date Scheduled: 4/10/2023
Total Cash Outlay: $156,000