6/20/2023 – Since I’m temporary layoff slack, I thought I would send you some pictures of sunrise. Even though they have one more coat to put on the top of the refinished floors, they look amazing. You can see some of the sheet rock repairs from the AC installation and the first bath that’s gutted and expanded, but things are coming along nicely. Please let me know if you have any questions and once I’m back on slack, I can upload them there as well. Link to Photos

 – We had Trey and Russ walk this project and they provided an estimate that aligned with our acquisition budget. That estimate along with the email communication is attached. Trey and Russ is the team currently working on 48 N Tucker and we are excited to see how they turn a long term rental.

4/26/23 – You’ll find the link to the walk thru photos below. The property is a 3/1.5 and located in a decent location and is in decent condition. The property won’t need a full rehab but does have a few items that I’d recommend addressing. I’ll provide you with a couple of options as far as approach goes. Option 1 would have us doing some minor roofing repair given there are a few pop ups, painting the interior/exterior, installing new kitchen floor tile and hardware, replacing the bathroom fixtures and tub, install new flooring, upgrading the heating/cooling to central heat/air, doing some landscaping along the fence line, and other miscellaneous items. To do that, you’d be looking at a ballpark estimate of 45-47k (this INCLUDES the fee). Option 2 would differ in that we would only touch up the paint on the interior/exterior. To go that route, you’d be looking at a ballpark estimate of 41-43k (this INCLUDES the fee). See summary below.

Roof: The top layer of the roof is in good condition with the exception of a few pop ups. We could have those repaired so I don’t think you’d need a full replacement at this point.

Exterior: The exterior was in solid shape. There were a few spots that had some damaged siding, so we’d replace those locations and touch up with paint or give the entire exterior a fresh new coat. There was quite a bit of overgrowth, so we’d need to do quite a bit of cutting and tree trimming to tame the yard.

Interior: The interior doesn’t have to be repainted although it is a darker color than we use and what you guys would prefer. There were just a few spots that had some water damage, so we’d patch and paint those spots if you didn’t want to repaint the entire thing. The hardwood floor was wavy pretty much throughout, so I don’t think we’d be able to glue the LVP down. The options here would be to demo the rooms that have the waviness, install new plywood, then lay it, or do a floating floor, or leave the floor as it is. I’ve allotted for the floating floor in the ballpark estimates. Subfloor demo and floor install would be more expensive and obviously leaving it would be no cost. The bathrooms weren’t in a completely horrible shape which is why I think we can just install a new tub, vanities, toilets, and med cabinets. The kitchen was in fairly good shape also with the exception of the flooring. I don’t think it can be cleaned so we’d need to replace it and get some new pulls/hinges to get those cabinets to pop.

Mechanical: The property does not have central heat/air and I’d recommend upgrading it. The water heater was electric and only a few years old so we can keep it and just service it.

Electric: The property was on breakers and the power was on.

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

Appliances: None

Additional: None

Pictures: Walkthrough Inspection

Confirmed market value: $120,000 to $138,000

Confirmed market rent: $1,095 to $1,195

Closing Date Scheduled: 5/4/2023 [PENDING EXTENSION]
Total Cash Outlay: $106,550